WASHINGTON -- The number of U.S. workers filing new applications
for unemployment benefits fell last week, the latest sign that the
labor market is improving.
Initial jobless claims tumbled by 14,000 to a seasonally
adjusted 351,000 in the week ending March 10, the Labor Department
said Thursday. Economists surveyed by Dow Jones Newswires had
forecast that claims would fall by 5,000.
The prior week's figure was revised to 365,000 from 362,000.
The four-week moving average of claims, which smoothes out
week-to-week volatility, was unchanged at 355,750.
New claims are hovering around levels last seen four years ago.
And though the weekly numbers are somewhat erratic, figures have
been trending lower since last spring and remained mostly below
400,000 since November. When that happens, hiring usually picks
up.
Nonfarm payrolls grew by 227,000 in February and the economy has
added an average 245,000 jobs over the past three months, according
to Labor data released last week. The unemployment rate remained
high at 8.3%.
Thursday's report showed the number of continuing unemployment
benefit claims--those drawn by workers for more than a
week--decreased by 81,000 to 3,343,000 in the week ended March 3.
Continuing claims are reported with a one-week lag.
The unemployment rate for workers with unemployment insurance
for the week ending March 3 fell to 2.6%, the lowest in four
years.
State-by-state data, also reported with a one-week lag, showed
Massachusetts with the biggest decrease in layoffs--2,974--as bus
drivers and food service workers returned to their jobs after
school holidays ended.
Claims in New York rose by 16,478 due to layoffs in
transportation, education and food service industries.
The Labor Department said there were no special factors in the
latest report.
The Labor Department report on jobless claims can be accessed
at: http://www.dol.gov/opa/media/press/eta/ui/current.htm.
-By Jeffrey Sparshott and Eric Morath; Dow Jones Newswires;
202-862-9291; jef rey.sparshott@dowjones.com