Jobless Claims Decline

The number of U.S. workers filing first-time applications for unemployment benefits fell last week, keeping jobless claims near levels last seen consistently in early 2008 and signaling a modestly improving labor market.

Initial jobless claims, a measure of layoffs, decreased by 5,000 to a seasonally adjusted 366,000 in the week ended Feb. 2, the Labor Department said Thursday. A more-reliable gauge of claims—the four-week moving average, which smooths out week-to-week volatility—fell by 2,250 to 350,500. The average level of claims hasn't been that low since March 2008.

Economists surveyed by...