The number of people filing initial unemployment insurance claims slipped to 388,000 (on a seasonally-adjusted basis) last week from the previous week’s revised figure of 422,000, according to the U.S. Department of Labor.

The figure is the lowest level since July 2008.

The 4-week moving average was 414,000, a decrease of 12,500 from the previous week's revised average of 426,500. This figure is also the lowest since July 2008.