–Initial Claims Level Lowest Since April 19, 2008 Week
–US Virgin Islands Estimated, Otherwise Nothing Unusual

By Brai Odion-Esenme and Ian McKendry

WASHINGTON (MNI) – Initial claims for U.S. state unemployment
benefits fell by 6,000 to a level of 357,000 in the March 31 week,
slightly below expectations and again the lowest level since 352,000 in
the April 19, 2008 week, the Labor Department reported Thursday.

Economists surveyed by Market News International had expected
initial claims in the March 31 week to come in at 360,000, which would
have been virtually unchanged from the 359,000 level initially reported
in last week’s data. The claims level for the March 24 week was revised
up to 363,000.

A Labor Department analyst described the report as “very standard,”
adding that while claims data for the U.S. Virgin Islands were
estimated, there was “nothing unusual, nothing unexpected” in the state
level data.

The analyst said seasonal factors had expected a “moderately small”
decline of about 2.1% or 6,904 in unadjusted initial claims in the March
31 week. The actual drop in unadjusted claims was by a slightly bigger
3.7% — 12,504 — to a level of 311,339. Unadjusted claims were at a
level of 353,817 in the comparable week a year ago.

The initial claims seasonally adjusted 4-week moving average was
361,750 in the March 31 week, a decline of 4,250 from the previous week
and the lowest level since the April 26, 2008 week when it came in at
360,500.

The state data released for the March 24 week indicated unadjusted
initial claims increased in 27 states and declined in 26 states. The
District of Columbia, Puerto Rico, and Virgin Islands are included in
this data.

Continuing claims continues to fall to levels not seen in almost
four years, down 16,000 in the March 24 week to 3.338 million after
seasonal adjustment, again the lowest level since 3.330 million
continuing claims were reported in the August 9, 2008 week.

Unadjusted continuing claims fell by 74,771 to 3,624,702 in the
March 24 week, well below the 4,085,667 level in the comparable week a
year earlier.

The seasonally adjusted insured unemployment rate remained at 2.6%
in the March 24 week from the previous week, and was down sharply from
the 3.0% 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 was up by 2,442 in the March
17 week, bringing that category to 2,815,108. Extended benefits claims
rose 14,551 to 440,660 not seasonally adjusted in the same week.

The Labor Department reported that a total of 7,050,709 persons
claimed unemployment benefits in the March 17 week, a decline of 107,760
from the previous week and well below the 8,524,455 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.

** MNI Washington Bureau: 202-371-2121 **

[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]