Jobless Claims Hit Lowest Level in Nearly 4 Years

Indications that the labor market is finally experiencing sustained recovery continue to roll in, as initial jobless claims fell to their lowest level in nearly four years last week, according to the Labor Department.

The number of people filing for unemployment benefits dipped to 352,000 last week, a substantial decrease from the 402,000 seen during the previous week, the Labor Department reported.

Robert Brusca of FAO Economics told CNN Money that while it is just one very good week, the lower numbers are certainly a positive sign.

Claims rarely go below 300,000, so when you're around 350,000 you're close to the job market being back to normal," Brusca said. "I'm not ready to say we're fixed after one good week, but I'm pretty impressed with it."

Reuters reports the 352,000 was the lowest number since April 2008 and the weekly drop was the largest since September 2005. The four-week moving average - which is seen by many as a better measure - dropped to 379,000 last week, according to the Labor Department.