Official figures show that new claims for US unemployment benefits fell by more than expected last week, adding to recent signs that the country's job market is recovering.
The Labor Department said 351,000 initial jobless claims were filed in the week ending March 10, a decline of 14,000 from the previous week's upwardly revised figure.
Last week's claims number was smaller than most analysts expected: The average estimate was for a decline to 355,000.
The improvement underscored a slowing trend in initial jobless claims, an indicator of the pace of layoffs. The four-week moving average, which helps reduce week-to-week volatility, was unchanged from the previous week's revised average of 355,750.
Today's figures came on the heels of last Friday's employment data for February, which showed solid job growth as businesses stepped up hiring.
Separate figures showed that US producer prices recorded their biggest gain in five months in February as the cost of energy spiked. However, the government report showed that underlying inflation pressures were contained.
The Labor Department said its seasonally adjusted producer price index increased 0.4% last month, quickening from January's 0.1% gain.
Economists had expected prices at farms, factories and refineries to rise by 0.5%. Wholesale prices excluding volatile food and energy costs rose 0.2%, moderating from January's 0.4% increase. While that was in line with economists' expectations, it was the third consecutive month of increases in core PPI.
