The US four-week moving average of initial claims for unemployment insurance fell to 217,250 last week, down 3,250 from the previous week, the US Department of Labor reported. The previous week’s average was revised downward by 4,500.

The four-week moving average smooths the volatility of the week-to-week numbers. Total initial claims for unemployment insurance for the week ended March 23 fell to 211,000, down 5,000 from the previous week’s level, which was revised down by 5,000.

Reuters poll of economists had forecast claims rising to 225,000. 

MarketWatch reported the number of people who applied for unemployment benefits in late March fell for the second week in a row to match the lowest level of 2019, a sign the sturdy labor market remains a source of strength for a US economy struggling to gain traction.