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March 20, 2014 AT 4:25 AM
The number of Americans filing new claims for unemployment benefits rose less than expected last week, pointing to some underlying strength in the labor market. Initial claims for state unemployment benefits increased 5,000 to a seasonally adjusted 320,000. Claims for the week ended March 8 were unrevised. The four-week moving average for new claims, considered a better measure of underlying labor market conditions as it irons out week-to-week volatility, fell 3,500 to 327,000, the lowest level since November.