‘the lowest level in nearly three years’

Graphic from Time

Marketwatch: New applications for U.S. jobless benefits fell by 20,000 to 368,000 in the week of Feb. 26, the lowest level in nearly three years, the Labor Department reported Thursday.The last time claims were that low was in May 2008.

Economists polled by MarketWatch had expected first-time jobless claims to rise to a seasonally adjusted 398,000 from last week’s revised level of 388,000.

….The four-week average is considered a more accurate gauge of employment trends because it lessens week-to-week volatility in the data. The decline in claims, which have fallen 27% since last August, appears to be consistent with a modest pace or hiring and fewer layoffs.

Continuing claims, meanwhile, declined by 59,000 to 3.77 million in the week of Feb. 19. About 9.24 million people received some kind of state or federal benefit in the week of Feb. 12, up 74,000 from the week before.

Chart from here

Washington Post: Stocks jumped Thursday after a government report showed that the number of people filing for unemployment benefits dropped unexpectedly last week. Retailers also reported solid February sales.

The Labor Department said first-time claims for unemployment benefits fell to 368,000. That’s the lowest level for claims since May 2008. Economists had expected them to rise.

4 Responses to “‘the lowest level in nearly three years’”

  1. 1 Kelly
    March 3, 2011 at 9:51 am

    Oh you updated while I was typing a OT comment in the other post. I will just put my comment here since its more on topic here.:D

    Lots of good news on the economy this morning and I am sad to hear of the Dutch citizens getting captured in Libya by Qaddafi forces. Both these news makes me respect and support pres Obama more and more. He has saved our nation from the brink of depression and managed to save our Americans from arms way, quietly rescuing them last week from a possible fate that the Dutch unfortunately find themselves in. *praying for the Dutch leader to find a fast resolution to the capture and for the captives to stay safe.

  2. 2 Fred
    March 3, 2011 at 11:14 am

    thank you Jesus for those who have found a job.Congratulations 😀

  3. 3 cat48
    March 3, 2011 at 2:17 pm

    Was watching MorningHo out of habit this a.m. & the CNBC guy who came on today talked about this and said the u/e rate may drop again tomorrow. I hope he knows what he’s talking about…….will just have to wait & see. I try not to get too excited about Econ news since the last few years have been so erratic. Pray it brings good news for all who are looking for a job.

    In followup to Huckstergate story from yesterday, he really stepped in it again…..look at this Headline:

    “Courting bigots, Huckabee now plays the madrassa card against Obama”

    He really needs to plead temporary insanity and just go the F**K away for a while!

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