Government data shows jobless claims falling by 14,000 to 351,000 claims for the week ending March 10, the Labor Department said Thursday.

Comparatively, the nation had 365,000 jobless claims a week earlier, and the 4-week moving average for jobless filings hit 355,750. 

Data released Thursday shows jobless claims well below the 4-week moving average.

Meanwhile, the advanced unadjusted insured unemployment rate hit 3% for the week ending March 3, a 0.2 percentage point decline from the previous week's revised rate of 3.2%.

The early unadjusted estimation for how many citizens are collecting jobless benefits declined from 4.2 million last year to 3.8 million in the most recent Labor Department report. 

Analysts with Econoday viewed the report favorably. "Companies are laying off fewer workers in what points to a falling unemployment rate and greater gains for payroll growth. Today's report is certain to be a positive factor for today's market," the economic research firm said.