Jobless claims hit four-year low

There are plenty of other signs that the economic recovery is picking up pace, including 3 percent growth during the final three months of 2011, consumer spending had its best showing in seven months in February and the Institute for Supply Management said the manufacturing sector has picked up hiring. 

Even the battered housing market is showing signs of improving. January and February comprised the best winter for sales of previously occupied homes in five years, according to the National Association of Realtors.

The total number of people claiming benefits in all programs was about 7.05 million, a decrease of 107,760 from the previous week, for the week ended March 17.

The number of people continuing to receive jobless benefits dropped by 16,000, to 3.34 million, in the week ended March 24. 

Those receiving federal jobless benefits was up by about 17,000, to 3.26 million, in the week ended March 17. 

The job market still has a way to go to fully recover. More than 12.8 million people remain unemployed.

But the more robust job market has caused some so-called “discouraged workers” to start looking again as the workforce rose by about 500,000 in February, with most people saying they found work. 

All told, 26 states and territories reported a drop in claims, while 27 reported an increase, all a week behind.

The largest increases in initial claims for the week ending March 24 were in Texas (+4,185), California (+2,199), Kansas (+1,555), Arkansas (+1,141), and Washington (+714), while the largest decreases were in Pennsylvania (-1,956), North Carolina (-1,656), New Jersey (-1,511), Massachusetts (-1,083) and Hawaii (-650).