Initial jobless claims dipped to 278,000 filings, falling by 10,000 from the previous week’s revised level, according to the U.S. Department of Labor’s unemployment insurance weekly claims.

This is the seventh decline in eight weeks for the average, analysts with Econoday noted.

Last week’s number was revised up by 1,000, changing from 287,000 to 288,000.  

In addition, the 4-week moving average was 279,000, a decrease of 2,250 from the previous week's revised average.

This is the lowest level for this average since April 29, 2000 when it was 273,000. The previous week's average was revised up by 250, changing from 281,000 to 281,250.