Decrease in Jobless Claims Signifies Market Improvement
In the week ending March 7, 2015, the advance figure for seasonally adjusted initial claims was 289,000, a decrease of 36,000 from the previous week’s revised level, the U.S. Department of Labor reported. The previous week’s level was revised up by 5,000 from 320,000 to 325,000. The 4-week moving average was 302,250, a decrease of 3,750 from the previous week’s revised average. The previous week’s average was revised up by 1,250 from 304,750 to 306,000.
The advance seasonally adjusted insured unemployment rate was 1.8 percent for the week ending February 28, unchanged from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending February 28 was 2,418,000, a decrease of 5,000 from the previous week’s revised level.
In a related report, Bloomberg reported the slump in claims indicates the elevated readings in previous weeks were probably due to companies temporarily dismissing workers because of inclement winter weather, rather than underlying weakness in the labor market.
To view the full Department of Labor report, click here.