Jobless claims slip slightly to 4-year lows

By Msnbc.com staff and wire

Americans filed fewer claims for unemployment benefits, pushing the level to?the lowest in four years, government data showed Thursday.

The Labor Department reported that seasonally adjusted initial claims fell 2,000 to 351,000 in the week ended Feb. 25. The four-week moving average, considered a more accurate gauge of labor market conditions,?dropped 5,500 to 354,000, the lowest since March 2008.

Claims have been hovering near four-year lows over the last few weeks. Economists polled by Reuters had forecast claims unchanged at 351,000 last week.

New applications for jobless benefits have declined through much of February, raising hopes for a third straight month of solid employment gains.

Nonfarm employment likely increased 200,000 last month, according to a Reuters survey, after rising 243,000 in January. The unemployment rate is seen holding at a three-year low of 8.3 percent in February.

The government will release February's employment report on March 9. While the labor market is gaining momentum, the level of employment is still 5.82 million from its prerecession level.

"It sets up for a favorable employment report. It's consistent with our thought that the pace of job growth is picking up and accelerating," said U.S. economist David Cummins of UBS Securities.

On Wednesday, Federal Reserve Chairman Ben Bernanke described the labor market as "far from normal" and that further improvement would require stronger growth in final demand and production.

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

The number of people still receiving benefits under regular state programs after an initial week of aid fell 2,000 to 3.40 million in the week ended February 18.

So-called continued claims covered the survey period for the household survey from which the unemployment rate is derived. Continued claims have declined 165,000 between the January and February survey periods.

The number of Americans on emergency unemployment benefits rose 1,347 to 2.90 million in the week ended February 11, the latest week for which data is available.

A total of 7.50 million people were claiming unemployment benefits during that period under all programs, up 11,933 from the prior week.?

Reuters contributed to this report.

CNBC's Rick Santelli and Jim Iuorio, TJM Institutional Services breakdown weekly jobless claims, which are down 2,000 from the week before and personal spending, up .3 percent.

Source: http://bottomline.msnbc.msn.com/_news/2012/03/01/10548318-jobless-claims-slip-to-four-year-lows

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