DATA SNAP: US Jobless Claims Rise For Third Consecutive Week
Last update: 3/8/2012 8:30:00 AM
By Jeffrey Sparshott and Eric Morath Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The number of U.S. workers filing new applications for unemployment benefits rose for the third consecutive week, a reminder that the labor market's recovery remains uneven.
Initial jobless claims jumped 8,000 to a seasonally adjusted 362,000 in the week ending March 3, the Labor Department said Thursday.
Economists surveyed by Dow Jones Newswires had forecast that claims would rise by 2,000.
The prior week's figure was revised up to 354,000 from the initially reported 351,000.
The four-week moving average of claims, which smoothes out week-to-week volatility, inched up to 355,000, 250 more than the previous week.
Though up in recent weeks, new claims have been trending lower since last spring and have been mostly below 400,000 since November. When that happens, hiring usually picks up as well.
U.S. unemployment stood at 8.3% in January. Figures for February will be released Friday--economists are forecasting that the unemployment rate will hold steady as the economy adds 213,000 jobs. Still, unemployment is expected to remain high this year.
Thursday's report showed the number of continuing unemployment benefit claims--those drawn by workers for more than a week--increased by 10,000 to 3,416,000 in the week ended Feb. 25. Continuing claims are reported with a one-week lag.
The unemployment rate for workers with unemployment insurance for the week ending Feb. 25 held steady at 2.7%.
State-by-state data, also reported with a one-week lag, showed Massachusetts with the biggest rise in claims--up 3,475 due to school vacations and related layoffs for bus drivers and food service workers.
Claims in California fell by 4,531 due to fewer layoffs in the manufacturing and service industries.
The Labor Department report on jobless claims can be accessed at: dol.gov.
-By Jeffrey Sparshott; Dow Jones Newswires; 202-862-9291; jeffrey.sparshott@dowjones.com
(END) Dow Jones Newswires |
