Jobless claims dropped by 20,000 filings, falling to 268,000 for the week ended March 28, the most recent report from the U.S. Department of Labor said.

Last week’s number was revised up by 6,000 filing to 288,000 from 282,000.

The 4-week moving average was 285,500, a decrease of 14,750 from the previous week's revised average. The previous week's average was revised up by 3,250, increasing from 297,000 to 300,250.

“Next to 267,000 in the January 24 week this year, this is the lowest reading since all the way back in April 2000. The big drop pulls the 4-week average down an unusually steep 14,750 to 285,000 which is the lowest reading since November last year,” analysts with Econoday said.