Jobless claims edged higher to 281,000, increasing by 14,000 filings from the previous week’s revised level, the latest report from the U.S. Department of Labor said.

Last week’s level was revised down by 1,000 filings, dropping to 268,000.

Meanwhile, the 4-week moving average was 282,250, a decrease of 3,000 from the previous week's revised average of 285,250, dropping by 250 from 285,500.

This is the lowest level for this average since June 3, 2000 when it was 281,500.

“Periods surrounding the shifting holiday of Easter are always difficult to adjust for but trends in jobless claims, despite an expected bounce higher for initial claims in the April 4 week, are nevertheless favorable,” analysts with Econoday said about jobless claims.

In addition, the analyst noted that the 4-week average, which helps smooth out weekly bumps, is down for a 3rd straight week. “This is a sizable improvement and hints at bounce-back strength for the April employment report,” they said.