U.S. jobless claims fall 5,000 to 348,000
Applications for benefits at lowest level since February 2008
WASHINGTON (MarketWatch) — Applications for weekly unemployment benefits set a new four-year low, the government reported Thursday, in another sign that the U.S. labor market continues to gradually improve.
Initial claims fell by 5,000 to a seasonally adjusted 348,000, the lowest level since February 2008, the Labor Department said.
Claims from the prior week were revised up to 353,000 from an original reading of 351,000.
The level of claims is an indicator of whether layoffs are rising or falling. Economists surveyed by MarketWatch had estimated claims would rise to 353,000 in the week ended March 17.
The four-week average of claims, meanwhile, dipped 1,250 to 355,000, just slightly above a four-year low. The monthly average provides a more accurate view of labor-market trends by reducing week-to-week volatility caused by seasonal quirks.
Claims usually range between 300,000 and 400,000 when the economy is growing. New applications for benefits fell below the key 400,000 threshold in the first week of January and have remained there since. Lately claims have settled in the 350,000 range.
Improvement in the labor market is reflected by the monthly employment figures. The U.S. economy has created an average of 245,000 jobs in each of the past three months, the fastest burst of hiring since the recession officially ended in mid-2009.
“The key point here is that the underlying trend in claims is downward, and the current level is already low enough to be consistent with payroll gains around the 250,000 mark,” said chief U.S. economist Ian Shepherdson of High Frequency Economics.
http://www.marketwatch.com/story/us-jobless-claims-fall-5000-to-348000-2012-03-22
