Jobless Claims Better Than Expected at 351,000
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Signs the economy is beginning to rebound are becoming more and more evident each day. Thursday's glimmering of hope comes from jobless claims for the week ended February 25 which fell to the lowest level in four years.
The number of new people applying for jobless benefits declined 2,000 to 351,000 last week. Economists on the Street were expecting a reading of 355,000. The prior week reading was revised higher from 351,000 to 353,000.
The four week moving average also fell to its lowest rate since March 2008, hitting 345,000, a decline of 14,500.
Another positive indicator: people who continued to collect jobless benefit shrank by 2,000 to 3.4 million in the week ended February 18. The number of people who received extended benefits declined by 16,800 to 3.38 million in the weekend February 11.
Only seven states reported an increase in jobless claims, while 44 noted decreases. The unemployment rate among people eligible for benefits remained at 2.7 percent.
About a half hour ahead of the opening bell, the Dow is indicated about 30 points higher, the Nasdaq is up about 9 points, and the S&P 500 is up 3.
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The number of new people applying for jobless benefits declined 2,000 to 351,000 last week. Economists on the Street were expecting a reading of 355,000. The prior week reading was revised higher from 351,000 to 353,000.
The four week moving average also fell to its lowest rate since March 2008, hitting 345,000, a decline of 14,500.
Another positive indicator: people who continued to collect jobless benefit shrank by 2,000 to 3.4 million in the week ended February 18. The number of people who received extended benefits declined by 16,800 to 3.38 million in the weekend February 11.
Only seven states reported an increase in jobless claims, while 44 noted decreases. The unemployment rate among people eligible for benefits remained at 2.7 percent.
About a half hour ahead of the opening bell, the Dow is indicated about 30 points higher, the Nasdaq is up about 9 points, and the S&P 500 is up 3.
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