U.S. jobless claims down 16,000 last week

The number of U.S. people initially applying for unemployment aid last week dropped, the third decline in the past four weeks, the U.S. Labor Department said Thursday.


The Labor Department said that the advance figure for seasonally adjusted initial claims for jobless benefits was 385, 000 in the week ending March 12, a decrease of 16,000 from the prior week's revised figure.


The fresh figure was below 400,000 for the fourth straight week, which encouraged analysts.


Economists said that fewer than 425,000 people applying for aid is consistent with modest job growth, but the number of jobless claims will have to fall to 375,000 or below to signal a sustained drop in the unemployment rate.


Meanwhile, the four-week moving average, the more closely watched claims figure, fell to 386,250 from the previous week's revised average of 393,250.


The advance figure for seasonally adjusted insured unemployment during the week ending March 5 was 3.706 million, a decrease of 80, 000 from the previous week.


In recent months, the U.S. labor market has seen constant improving, with unemployment rate dropping to 8.9 percent in February, the lowest level in nearly two years.


The weekly figures of jobless benefits application reflect the level of layoffs and indicate real-time condition of American job market.
(Source:http://news.xinhuanet.com)