New claims for jobless benefits fall
Department of Labor says new unemployment insurance filings dropped in latest week, but continuing claims rose.
NEW YORK (CNNMoney.com) -- New filings for unemployment claims dropped more than expected in the latest week, while continuing claims rose, painting a mixed picture of the labor market.
Initial filings for state jobless benefits decreased by a seasonally-adjusted 24,000 to 351,000 in the last week of February, the Labor Department said Thursday.
The consensus estimate of economists surveyed by Briefing.com was for claims to fall to 360,000.
The four-week moving average of new jobless claims fell by 1,500 to 359,500. But that's still higher than where the four-week moving average was during the same period last year.
Continuing unemployment insurance claims from workers already receiving benefits rose in the week ending February 23 to 2.83 million, up 29,000 from the previous week.
The four-week moving average for continuing claims rose by 12,750 to 2.79 million, well above the 2.55 million claims in the year-ago period.
For states showing the highest jump in initial unemployment filings, most were the result of layoffs in the transportation and service sectors. But of the four states showing a decrease of more than 1,000 jobless claims, three showed a decline in manufacturing layoffs.
The weekly jobless figures come ahead of Friday's highly anticipated employment report. Recent readings on the labor sector have pointed to weak job growth in February. The ADP National Employment Report released Wednesday showed private non-farm labor declined by 23,000 last month. 
