U.S. Weekly Jobless Claims Edge Down To 224,000

(RTTNews) - The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits edged slightly lower in the week ended March 22nd.

The report said initial jobless claims slipped to 224,000, a decrease of 1,000 from the previous week's revised level of 225,000.

Economists had expected jobless claims to inch up to 225,000 from the 223,000 originally reported for the previous week.

The Labor Department said the less volatile four-week moving average also dipped to 224,000, a decrease of 4,750 from the previous week's revised average of 228,750.

"If you believe the latest survey data, whether it's from the Conference Board or from the University of Michigan, you would think the economy is on the cusp of a recession," said Jeffrey Roach, Chief Economist for LPL Financial. "But the evidence is not all gloomy."

"The labor market is holding up well as businesses have an appetite to add to their payrolls," he added. "And correspondingly, the number of those filing for unemployment benefits remains very low despite some announced layoffs."

The report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also fell by 25,000 to 1.856 million in the week ended March 15th.

Meanwhile, the four-week moving average of continuing claims rose to 1,870,000, an increase of 2,250 from the previous week's revised average of 1,867,750.