Even as Jobless Claims Tick Up, Trend Heads Lower
Mar 21st 2013 2:27PM
Updated Mar 21st 2013 2:30PM
Initial jobless claims bumped up 0.6% to a seasonally adjusted 336,000 for the week ending March 16, according to a Labor Department report released today. Although the week-to-week rise put an end to three straight weeks of declining initial unemployment claims, this week's results beat market analyst expectations of 340,000 new claims.
After dropping to a five-year low the previous week, the four-week moving average continued its downward trend by falling 2.2% to reach 339,750 initial claims. Both the most recent week's number and the moving average clocked in solidly below 400,000, a cutoff point that economists consider a sign of an improving labor market.
On a state-by-state basis, five states recorded decreases of more than 1,000 in their initial jobless claims for the week ending March 9 (most recent available data). New York (-7,250) and California (-6,190) led the drop, citing fewer layoffs in the services sector as the primary reason for their labor market improvement. Illinois, Kansas, and Alabama all recorded decreases of just more than 1,000. Georgia was the only state to register an increase of more than 1,000 in initial claims. The Peach State listed layoffs in manufacturing, trade, and construction among the main reasons for its 1,678 increase.
The article Even as Jobless Claims Tick Up, Trend Heads Lower originally appeared on Fool.com.Y ou can follow Justin Loiseau on Twitter, @TMFJLo, and on Motley Fool CAPS, @TMFJLo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.