New claims for US unemployment insurance fell last week, extending a downward trend suggesting an improving jobs market, official data showed Thursday. Initial jobless claims dropped to 368,000 in the week ending February 26, the lowest level since late May 2008, the Labor Department reported. Claims were down 5.2 percent from the prior week’s level. The less volatile four-week moving average fell by 12,750 to 388,500.
After hitting a peak in August, initial jobless claims fell below 400,000 in the week ending December 25 and have hovered around that level since then.
The report comes a day ahead of the Labor Department’s February jobs numbers. Most analysts expect the report Friday to show the economy added 183,000 jobs and the unemployment rate ticked up to 9.1 percent from 9.0 percent.
Washington, March 3, 2011 (AFP)
