The data from the Labor Department revealed the number of applications for unemployment benefits fell slightly last week, pointing to strong labor market conditions despite signs that job growth was slowing.

According to the report, the initial claims for unemployment benefits decreased 3,000 to 223,000 for the week ended March 2. 

Economists had expected 225,000 new claims last week. 

Claims for the prior week were revised upwardly to 226,000 from the initial estimate of 225,000.

Meanwhile, the four-week moving average of claims dropped 3,000 to 226,250 last week, the lowest level in a month.