Initial jobless claims fell to 366,000 for the week ended March 22 -- below the consensus estimate, the U.S. Labor Department announced Thursday. Claims for the previous week were revised up 22,000 to 375,000.
Economists surveyed by Bloomberg News had expected this week's initial jobless claims to total 370,000.
Also, the 4-week moving average increased 1,750 to 358,000. Economists view the 4-week average as a better indicator of unemployment conditions, as it smooths-out anomalies for strikes, holidays, or other idiosyncratic events.
The largest increases in initial claims for the week ending March 15 were Michigan, +6,700, Ohio, +5,486, Missouri, +3,235, North Carolina, +2,586, and Texas, +2,175. The largest decreases were in California, -5,016, New York, -2,138, -Wisconsin, -2,005, Georgia, -1,862, and Florida, 1,651.
The number of continuing claims decreased by 5,000 to 2.845 million from a revised 2.850 million for the week ended March 15, the latest period for which figures were available.
Economic Analysis: Again, another poor weekly statistic. The 4-week moving average remains above the U.S. Federal Reserve's danger level of 350,000. The U.S. Federal Reserve considers a 4-week average above 350,000 a signal of soft labor market conditions. Further, the continuing claims total, which measures the seasonally adjusted uninsured, remains high at 2.85 million, also indicative of a tepid job market. Jobless conditions remain a concern -- a fact that will have to change in order for U.S. GDP and earnings to grow adequately in the quarters ahead.
U.S. weekly jobless claims fall, but remain at elevated level
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