–Initial Claims Level Down From 355,000 Level In Jan. 14 Survey Week
–Four-week Moving Average Still Falls To 359k, Low Since March 22, 2008
–3 States Estimated Due To Holiday: California, Virginia, Hawaii

By Kevin Kastner and Ian McKendry

WASHINGTON (MNI) – Initial claims for U.S. state unemployment
benefits was unchanged at a level of 351,000 in the February 18
employment survey week, slightly below estimates, the Labor Department
reported Thursday.

Claims were at a level of 355,000 in the January 14 employment
survey week.

Economists surveyed by Market News International had expected
initial claims in the February 18 week to come in at 355,000, up 7,000
from the 348,000 level initially reported in last week’s data. That
week’s claims were revised up to 351,000.

A Labor Department analyst said there was nothing unusual in the
state data. Due to the President’s Day holiday during the reporting
period, there were three states estimated. California and Virginia
reported their own estimates, while Hawaii submitted no data and had to
be estimated by the Labor Department.

Seasonal factors had expected a decline of about 20,000 in
unadjusted claims in the February 18 week, very close to the actual
unadjusted claims drop of 19,888 to a level of 345,216, leading to no
change in the seasonally adjusted number. Unadjusted claims were at a
level of 380,985 in the comparable week a year ago.

The initial claims seasonally adjusted 4-week moving average was
359,000 in the February 18 week, a decline of 7,000 from the previous
week and the lowest level since 355,500 in the March 22, 2008 week. The
four-week moving average has declined for six straight weeks.

The state data released for the February 11 week indicated
unadjusted initial claims increased in 5 states and declined in 48
states. The District of Columbia, Puerto Rico, and Virgin Islands are
included in this data.

Continuing claims fell 52,000 to 3.392 million after seasonal
adjustment in the February 11 week to the lowest level since the August
9, 2008 week. Unadjusted continuing claims rose 11,166 to 3,996,051 in
the February 11 week, but were still well below the 4,587,740 level in
the comparable week a year earlier.

The seasonally adjusted insured unemployment rate was unchanged at
2.7% in the February 11 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 fell by 83,145 in the February
4 week, bringing that category to 2,919,330. Extended benefits claims
rose by 14,179 to 489,487 not seasonally adjusted in the same week.

The Labor Department reported that a total of 7,502,791 persons
claimed unemployment benefits in the February 4 week, a drop of 178,619
from the previous week and still well below the 9,161,675 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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