Jobless claims drop to lowest since 2008

By Msnbc.com staff and wire

New applications for unemployment benefits dropped to the lowest level since March 2008 in another sign that the labor market was on the mend.

The Labor Department reported Thursday that seasonally-adjusted new claims fell to 348,000, down 13,000 and below the key 350,000 target?that economists believe is crucial for job growth. The 4-week moving average, considered a more accurate gauge?of the labor market,?was 365,250, a decrease of 1,750.

Economists polled by Reuters had forecast claims rising to 365,000. The four-week moving average for new claims, seen as a better measure of labor market trends, fell 1,750 to 365,250 - the lowest since April 2008.?

New jobless claims have declined for three straight weeks.

Job gains have exceeded 200,000 for two straight months and the unemployment rate dropped to a three-year low of 8.3 percent in January.

"For the series to produce a third straight decline is unusual and suggests the improvement in the labor market is maintaining and even extending momentum as we enter February, for which next week will see the non-farm payroll surveyed. Giving further support to the positive message is a 100k decline in continuing claims in the week to February 4, to 3.426 mln, this the lowest level since August 23, 2008," said economist David Sloan of IFR Economics.

But considerable slack still remains, with 23.8 million Americans either out of work or underemployed. There are no job openings for nearly three out of every four unemployed.

A Labor Department official said there was nothing unusual in the state-level data and no state had been estimated.

The number of people still receiving benefits under regular state programs after an initial week of aid tumbled 100,000 to 3.43 million in the week ended February 4. That was the lowest level since August 2008.

Economists had forecast so-called continuing claims falling to 3.50 million from a previously reported 3.52 million.

The number of Americans on emergency unemployment benefits rose 16,568 to 3.00 million in the week ended January 28, the latest week for which data is available.

Reuters contributed to this report.

Source: http://bottomline.msnbc.msn.com/_news/2012/02/16/10424600-jobless-claims-drop-to-lowest-since-2008

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