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Claims for U.S. Jobless Benefits Unexpectedly Fell Last Week to 358,000
By Alex Kowalski - Feb 9, 2012 8:30 AM ET .
The number of Americans filing first- time claims for unemployment insurance payments unexpectedly declined last week, indicating the labor market recovery is gaining traction.
Applications for jobless benefits decreased 15,000 in the week ended Feb. 4 to 358,000, Labor Department figures showed today. Economists forecast 370,000 claims, according to the median estimate in a Bloomberg News survey. The four-week moving average, a less-volatile measure of claims, declined to 366,250, the lowest since April 26, 2008.
The easing of dismissals is moving in tandem with a drop in the unemployment rate, which fell in January to a three-year low of 8.3 percent. Job creation also accelerated last month, showing the world’s largest economy is making headway in restoring the 8.3 million jobs lost during the 2007-2009 recession.
“The labor market is healing, and it will continue to add jobs at a moderate pace,” Mekael Teshome, an economist at PNC Financial Services Group Inc. in Pittsburgh, said before the report. “Businesses will have to hire to grow their business, so there is kindling for the fire.”
Estimates for first-time claims ranged from 355,000 to 385,000 in the Bloomberg survey of 48 economists. The Labor Department initially reported the prior week’s applications at 367,000. A Labor Department official today said there was “nothing unusual” among the state-reported data.
The number of people continuing to collect jobless benefits rose by 64,000 in the week ended Jan. 28 to 3.52 million. The continuing claims figure does not include the number of workers receiving extended benefits under federal programs.
more @ Bloomberg.com
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