Jobless claims drop

Jobless claims fell in the week ending March 22, according to the Labor Department. The number of Americans who filed for unemployment benefits decreased by 10,000 during the week to stand at a seasonally adjusted rate of 311,000. These figures are 10,000 less than what economists had originally predicted, according to MarketWatch.

Over the past four weeks, which is a common time frame the Labor Department uses to analyze job growth, claims dropped by 9,500 from the previous year to stand at a total of 317,750. Claims have not been this low since September 2013. Neil Dutta, head of economics at Renaissance Macro Research, told MarketWatch the number of layoffs is starting to decrease as well.

"The rate of firing in the economy remains low, a positive for employment growth looking ahead to the second quarter," Dutta said.

February saw 175,000 new positions created, an improvement of January and December 2013's figures of 129,000 and 84,000, respectively.

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