Jobless Claims Drop in Latest Week
Updated 9:23 AM ET March 7, 2002
WASHINGTON (Reuters) - The number of American workers lining up for state unemployment benefits fell last week, the government said on Thursday in a report providing yet more evidence the U.S. economy is on a firmer footing.
In addition, the four-week moving average, seen as a more reliable labor market gauge because it smoothes out weekly fluctuations, dropped to pre-Sept. 11 levels.
``Layoffs are heading back down ... which makes sense as the economy is turning,'' said Jim Glassman, senior economist at JP Morgan. ``The airline industry and hotel industries are getting back on their feet.''
The number of workers filing initial jobless claims fell by 5,000 to a seasonally adjusted 376,000 for the week ended March 2 from the previous week's revised 381,000. Analysts surveyed in a Reuters poll were expecting a drop to 372,000.
The four-week average fell by 1,250 to 372,750, the lowest level since the week ended Aug. 11, when it was 372,000.
So-called continuing claims -- claims by unemployed workers who had already sought at least a week of benefits -- dropped 61,000 to 3.41 million in the week ended Feb. 23. |
