U.S. initial jobless claims fall by 20,000 to 278,000
WASHINGTON (AFX) - First-time seasonally adjusted claims for state unemployment benefits dropped by 20,000 to 278,000 last week, reversing the prior week's gains, the Labor Department reported Thursday.
The four-week average of new claims -- which smoothes out distortions created by one-time events such as weather -- fell by 1,500 to 281,750, close to the six-year low of 276,750 seen two weeks ago.
The four-week average is about 40,000 below the trend that prevailed for much of 2005.
Economists have cautioned that the claims data are very volatile in the early part of the year. The government's statistical seasonal adjustment factors cannot completely smooth out the massive swings in seasonal employment in December and January.
The most volatile time of the season is ending, and the longer new claims stay well below 300,000, the more believable it is that a new trend in the labor market has been established.
New filings in this range are consistent with steady job growth of 200,000 or more per month, economists say. Claims represent only one piece of the employment puzzle: layoffs. New hires are picked up only the monthly jobs report.
New claims are down about 9% since this time last year. Continuing claims are down about 7% year-over-year.
The week of Feb. 18 was the week the Labor Department surveyed thousands of households and businesses for its monthly employment report to be released on March 10.
In the survey week, the four-week average of new claims was about 19,000 lower than in the January survey week.
Economists were expecting new claims to be steady at about 296,000, according to a survey conducted by MarketWatch.
Meanwhile, the number of people collecting unemployment checks rose by 41,000 to 2.495 million in the week ending Feb. 11.
The four-week average of continuing claims fell by 19,500 to 2.5 million, the lowest since February 2001, the month before the recession began five years ago.
The insured unemployment rate - the percentage of workers covered by unemployment insurance who are collecting benefits - remained at 1.9%.
WASHINGTON (AFX) - First-time seasonally adjusted claims for state unemployment benefits dropped by 20,000 to 278,000 last week, reversing the prior week's gains, the Labor Department reported Thursday.
The four-week average of new claims -- which smoothes out distortions created by one-time events such as weather -- fell by 1,500 to 281,750, close to the six-year low of 276,750 seen two weeks ago.
The four-week average is about 40,000 below the trend that prevailed for much of 2005.
Economists have cautioned that the claims data are very volatile in the early part of the year. The government's statistical seasonal adjustment factors cannot completely smooth out the massive swings in seasonal employment in December and January.
The most volatile time of the season is ending, and the longer new claims stay well below 300,000, the more believable it is that a new trend in the labor market has been established.
New filings in this range are consistent with steady job growth of 200,000 or more per month, economists say. Claims represent only one piece of the employment puzzle: layoffs. New hires are picked up only the monthly jobs report.
New claims are down about 9% since this time last year. Continuing claims are down about 7% year-over-year.
The week of Feb. 18 was the week the Labor Department surveyed thousands of households and businesses for its monthly employment report to be released on March 10.
In the survey week, the four-week average of new claims was about 19,000 lower than in the January survey week.
Economists were expecting new claims to be steady at about 296,000, according to a survey conducted by MarketWatch.
Meanwhile, the number of people collecting unemployment checks rose by 41,000 to 2.495 million in the week ending Feb. 11.
The four-week average of continuing claims fell by 19,500 to 2.5 million, the lowest since February 2001, the month before the recession began five years ago.
The insured unemployment rate - the percentage of workers covered by unemployment insurance who are collecting benefits - remained at 1.9%.
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