The number of Americans who filed for unemployment benefits declined to a six-week low, showing further improvement in the labour market.
First-time jobless claims unexpectedly fell by 7,000 to 340,000 in the week ended March 2, the lowest since the period ended Jan. 19, according to data today from the U.S. Labor Department in Washington. The median forecast of 50 economists called for an increase to 355,000. The four-week average dropped to a five-year low.
Companies are easing up on dismissals as purchases of equipment climb and households maintain spending in the face of higher payroll taxes. Further declines in firings are a first step toward bigger employment and wage gains, and a report tomorrow may show payrolls picked up in February.
Economists’ estimates in the Bloomberg survey ranged from 332,000 to 362,000 claims after an initially reported 344,000 in the prior period.
No states estimated the number of claims last week and there was nothing unusual in the weekly data, a department official said as the figures were released.
The less-volatile four-week moving average fell by 7,000 to 348,750, the lowest since March 8, 2008.
The number of people continuing to receive jobless benefits rose by 3,000 to 3.09 million in the week ended Feb. 23. The continuing claims figure doesn’t include Americans receiving extended unemployment benefits under federal programs.
