–Four-week Moving Average Falls To 354k, Low Since March 15, 2008
–Cont. Claims 3.402 Mln In Feb 18 Survey Week Vs 3.567 Mln Jan. 14 Wk

By Brai Odion-Esene and Kevin Kastner

WASHINGTON (MNI) – Initial claims for U.S. state unemployment
benefits dipped 2,000 to a level of 351,000 in the February 25 week,
again slightly below estimates and remaining at levels not seen in
three years, the Labor Department reported Thursday.

Economists surveyed by Market News International had expected
initial claims in the February 25 week to come in at 355,000, up 4,000
from the 351,000 level initially reported in last week’s data. That
week’s claims were revised up to 353,000.

The 351,000 claims number matches that reported in February 11
week, the lowest level since the week of March 8, 2008 when it came in
at 347,000.

A Labor Department analyst said there was nothing unusual in the
state data and that no states were estimated.

The analyst said seasonal factors had expected a “moderately small”
decline of about 3.9% or 13,399 in unadjusted claims in the February 25
week. The actual drop in unadjusted claims was by 4.2% or 14,717 to a
level of 331,906. Unadjusted claims were at a level of 353,797 in the
comparable week a year ago.

The initial claims seasonally adjusted 4-week moving average was
354,000 in the February 25 week, a decline of 5,500 from the previous
week and the lowest level since 351,000 in the March 25, 2008 week. The
four-week moving average has declined for seven straight weeks.

The state data released for the February 18 week indicated
unadjusted initial claims increased in 7 states and declined in 44
states. The District of Columbia, Puerto Rico, and Virgin Islands are
included in this data.

Continuing claims fell 2,000 to 3.402 million after seasonal
adjustment in the February 18 employment survey week to the lowest level
since the August 23, 2008 week. Continuing claims were at a level of
3.567 million in the January 14 employment survey week.

Unadjusted continuing claims plunged 131,789 to 3,878,695 in the
February 18 week, and were still well below the 4,344,862 level in the
comparable week a year earlier.

The seasonally adjusted insured unemployment rate was unchanged at
2.7% in the February 18 week, still down sharply from the 3.1% rate 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 rose by 1,347 in the February
11 week, bringing that category to 2,904,566. Extended benefits claims
fell by 18,116 to 471,371 not seasonally adjusted in the same week.

The Labor Department reported that a total of 7,498,613 persons
claimed unemployment benefits in the February 11 week, an increase of
11,933 from the previous week and still well below the 9,236,169 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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