The Labor Department said Thursday that the number of people who applied for unemployment benefits fell to the lowest level since the beginning of the year.
The number of initial unemployment insurance filings for the week ended March 12 was 214,000, better than the estimate of 220,000 and a decline of 15,000 from the previous week.
The total was the lowest it had been in over a year.
The four week moving average fell 8,750 to 223,000.
The number of continuing claims fell to their lowest level in over forty years.
The housing starts totaled 1.77 million, more than the 1.7 million estimate. The number of building permits was a bit above the estimate.
The Philadelphia Federal Reserve's gauge of manufacturing activity in the region jumped to 27.4 in March, much better than the 15 estimate. The difference between expansion and contraction is represented by the number.
The jobs situation is complicated.
There are more jobs than available workers despite a strong hiring pace. That has helped push inflation levels to their highest point since the early 1980s, with a sharp increase in wages.
The labor situation is tight to an unhealthy level according to the Federal Reserve Chairman, as the central bank enacted its first interest rate increase in more than three years. The Fed sees six more hikes through 2012 and three more next year to control prices.
The Philadelphia Fed's manufacturing reading reflected the high inflation pressures that companies are facing.
The prices paid component of the index hit 81 in March, the highest reading since June 1979 when 87.2% of respondents reported increases in input prices. The prices received index went up. The employment index increased.
The jobs gap has made it difficult for builders to keep up with high demand for labor and materials.
The February numbers showed a 6.8% gain from a month ago and a 22.3% jump compared to the same period in the previous year. The monthly number was down from January but up from a year ago.
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