WASHINGTON — The level of initial claims fell by 9,000 to 221,000 in the March 16 week, below expectations for a 225,000 reading by an MNI survey and the Bloomberg consensus.
The level of initial claims fell by 9,000 to 221,000 in the March 16 employment survey week, above the 217,000 level in the February 16 survey week, signaling the possibility of a slightly weaker March employment report.
Seasonal factors expected a decrease 3.6%, or 7,584 in unadjusted claims. However, unadjusted claims actually fell by 7.3%, or 15,264.
The four-week moving average for claims rose by 1,000 to 225,000 in the March 16 week after a decline of 2,250 in the previous week. If the headline holds steady next week, the average would fall by 1,250 to 223,750 as a 226,000 level in the February 23 week rolls out.
Unadjusted claims fell by 15,264, led by a 3,500 decline in Illinois.
Continuing claims fell by 27,000 to 1.750 million in the March 9 week, with the four-week moving average rising to 1.773 million. The insured unemployment rate remained at 1.2%, and was down from 1.3% one year ago, showing that the level of insured unemployed remains particularly low.
