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Tuesday, July 16, 2024
HomeNewsEconomyFirst Time Jobless Benefits Fall Unexpectedly, Previous Week Revised Higher

First Time Jobless Benefits Fall Unexpectedly, Previous Week Revised Higher

The number first time jobless benefits unexpectedly fell and hit a three-month low last week, according to the Labor Department report released Thursday.

Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 315,000, which was the lowest reading since late November.

Claims for the week ending on March 1 were unfortunately but expectedly revised up 1,000 more applications than previously reported.

Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 330,000 in the week ended March 8.

The four-week moving average for new claims, considered a better measure of underlying labor market conditions as it irons out week-to-week volatility, fell 6,250 to 330,500, the lowest level since early December.

A Labor Department analyst said no states were estimated.

Unseasonably cold weather has slowed job growth in recent months, but the labor market is showing signs of shaking off winter’s icy grip.

Non-farm payrolls increased 175,000 in February. They had risen 129,000 in January and gained 84,000 in December. Economists expect job gains to accelerate in March as temperatures warm up.

The claims report showed the number of people still receiving benefits after an initial week of aid fell 48,000 to 2.86 million in the week ended March 1. That was the lowest level since December.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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