More bad news for Wingers!
Jobless Claims Unexpectedly Fall as U.S. Labor Market Improves
By Michelle Jamrisko & Shobhana Chandra - Mar 14, 2013 8:30 AM ET ..
The number of Americans filing applications for unemployment benefits unexpectedly dropped last week to the lowest level in almost two months, adding to signs the labor market in strengthening.
First-time jobless claims fell by 10,000 to 332,000 in the week ended March 9, the fewest since mid January, according to data today from the Labor Department in Washington. The median forecast of 49 economists surveyed by Bloomberg called for an increase to 350,000. The four-week average declined to a five- year low.
Managers are maintaining staffing levels as consumers sustain spending even after a two percentage-point increase in the payroll tax at the start of the year reduced paychecks. Nonetheless, there remains a risk that the recent pickup in employment will be cut short as federal budget cutbacks prompt companies and government agencies to trim payrolls.
“Businesses are not cutting their workers -- there’s very little reason for them to be cutting workers,” Ryan Sweet, a senior economist at Moody’s Analytics Inc. in West Chester, Pennsylvania, said before the report. “The economy seems to have done reasonably well in the first quarter, given the fiscal drag.”
Economists’ estimates in the Bloomberg survey ranged from 330,000 to 365,000 claims. The Labor Department revised the number of applications for the prior week to 342,000 from an initially reported 340,000.
more@ Bloomberg.com
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