The jobs trend is now strongly positive
First-time claims for unemployment benefits continued falling in the week ending March 31, suggesting job growth in March.
The number of first-time filers for unemployment benefits fell by 6,000 to 357,000.
This number has remained below the important 400,000 level, indicating stronger hiring.
During the worst part of the 2009 recession, filed claims reached as many as 659,000 in one week in contrast to this week’s numbers.
The 4-week moving average – which smooths out the overall trend – also fell, to 361,750, a decrease of 4,250 from the previous week’s revised average of 366,000.
“Initial claims continue to head in one direction and that’s what makes it beautiful,” said Jennifer Lee, an economist at BMO Capital Markets.
The advance seasonally adjusted insured unemployment rate was 2.6% for the week ending March 24, unchanged from the prior week.
Continuing claims – which include people filing for the second week of benefits or more during the week ending February 11 3,338,000, a decrease of 16,000 from the preceding week’s revised level of 3,354,000.
>>ADP Report Says 209,000 Jobs Were Created in March
The 4-week moving average was 3,367,250, a decrease of 24,500 from the preceding week’s revised average of 3,391,750.
These numbers for the U.S. economy are being counterbalanced by new debt problems in Europe, but Friday’s jobs numbers from the Department of Labor with give further clues about the strength of the US recovery.
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