New York, NY, United States (AHN) – New claims for unemployment benefits unexpectedly fell last week to the lowest level in nearly four years.

The Labor Department reported Thursday that initial claims for state unemployment benefits dropped 13,000 to a seasonally adjusted 348,000, the lowest since March 2008. Economists had forecast claims rising to 365,000.

The four-week moving average for new claims, a better measure of the labor market, fell 1,750 to 365,250, the lowest since April 2008.

The number of people still receiving benefits under regular state programs after an initial week of aid fell 100,000 to 3.43 million in the week ending Feb.4.

While the numbers are welcome and encouraging, and signal renewed strength in the labor market, things are still not so rosy.

Some 23.8 million Americans are currently either out of work or underemployed. There are no job openings for nearly three out of every four unemployed.

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