|
Jobless claims dip for week
|
 |
February 25, 1999: 9:03 a.m. ET
Latest week down 5,000 to 293,000; 4-week average lowest in 10 years
|
WASHINGTON (CNNfn) - Continued signs of a strong job market were reflected in a decline of 5,000 in the number of initial unemployment claims filed in the week ended Feb. 20, the U.S. Labor Department reported Thursday.
Initial claims sank to 293,000 from a revised 298,000 for the prior week but were higher than the 279,000 forecast by analysts surveyed by Reuters.
The four-week moving average of claims fell to 292,500 from a revised 294,500 for the week ended Feb. 13. The figure is the lowest in more than 10 years, since the 287,500 four-week average in the week ended Feb. 4, 1989.
Despite the stronger number, one economist remains pessimistic about the rest of 1999, believing that strong data such as the jobless claims and the 3.9 percent increase in durable goods orders also reported Thursday are a last spurt of strength before a possible recession.
"I don't think it's going to last," David Levy, director of forecasting for the Jerome Levy Economics Institute, told CNNfn. "It's not unusual to see the economy fake one way and go the other way."
Seasonally adjusted continuing unemployment claims for the week ended Feb. 13 stood at 2,255,000, down 4.000 from the previous week. The biggest increase in claims came in the state of Georgia, where they rose by 2,006; the biggest decrease was in California, where claims fell by 4,360.
Treasury prices were higher after Thursday's 8:30 a.m. ET data. The U.S. 30-year bond was up 10/32 to 96-17/32, yielding 5.48 percent; prior to the report, the bond was up 5/32. 
|
|
|
|
|
 |
|
