The DOL reported:
In the week ending March 5, the advance figure for seasonally adjusted initial claims was 259,000, a decrease of 18,000 from the previous week’s revised level. The previous week’s level was revised down by 1,000 from 278,000 to 277,000. The 4-week moving average was 267,500, a decrease of 2,500 from the previous week’s revised average. The previous week’s average was revised down by 250 from 270,250 to 270,000.
There were no special factors impacting this week’s initial claims.
The previous week was revised down.
The following graph shows the 4-week moving average of weekly claims since 1971.
Click on graph for larger image.
The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims decreased to 267,500.
This was below the consensus forecast of 275,000. The low level of the 4-week average suggests few layoffs.