–Continuing Claims Drops To Lowest Level Since Sept. 27, 2008 Week
–Four-week Moving Average Lowest Since July 12, 2008 Week
–Labor Analyst: Only Hawaii Estimated In Current Week, Nothing Usual

By Brai Odion-Esene and Ian McKendry

WASHINGTON (MNI) – Initial claims for U.S. state unemployment
benefits declined by 16,000 to 385,000 in the March 12 employment survey
week, while continuing claims fell to their lowest level in almost three
years, the U.S. Labor Department reported Thursday.

Initial claims declines in three of the last four weeks pulled the
four-week moving average down 7,000 to 386,250, the lowest since the
July 12, 2008 week, when it was 385,000.

A Labor Department analyst said only Hawaii was estimated in the
current week and there was “nothing unusual” in the state data.

According to the analyst, seasonal factors had expected a “mild”
5.4%, or about 22,000, drop in unadjusted claims. Instead, unadjusted
claims fell 9.1%, or 37,313 claims, to 372,370. Unadjusted claims were
at a level of 434,424 in the comparable week a year ago.

Economists surveyed by Market News International had expected
initial claims to drop down to 385,000 in the current week, from the
397,000 level originally reported in the previous week. The March 5
week’s level was revised up to 401,000.

In a monthly jobs report survey week comparison, initial claims are
down by 28,000 vs. the week of February 12, when claims came in at
413,000.

In the March 5 week, continuing claims fell by 80,000 to 3,706,000,
lowest since Sept. 27, 2008, when it came in at 3,658,000. Unadjusted
continuing claims plunged 183,553 to 4,276,916 in the March 5 week and
were well below the 5,393,589 level reported a year earlier.

The seasonally adjusted insured unemployment rate remained at 3.0%
in March 5 week from the previous week, down vs. the 3.6% reported
in the comparable week a year earlier.

The unemployment rate among the insured labor force is well below
that reported monthly by the Labor Department because claims are
approved for the most part only for job losers, not the job leavers and
labor force reentrants included in the monthly report.

The Labor Department said that the level of unadjusted Emergency
Unemployment Compensation benefits claims fell by 58,580 in the February
26 week, bringing that category to 3,541,942. Extended benefits claims
rose by 112,587 to 815,191, not seasonally adjusted in the same week.

The Labor Department reported that a total of 8,953,610 persons
claimed unemployment benefits in the February 26 week, up 180,765 from
the 8,772,845 claims reported in the previous week, but well below the
11,726,873 persons in the comparable week a year ago. These data are not
seasonally adjusted, and include regular state claims, federal employee
claims, new veterans claims, the EUC and extended benefits programs,
state additional benefits, and STC/Workshare claims.

** Market News International Washington Bureau: 202-371-2121 **

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