NEW YORK (CNNMoney) -- In another sign that the job market is slowly recovering, the number of Americans filing first-time claims for unemployment benefits fell last week.
There were 391,000 initial jobless claims filed in the week ended Feb. 19, the Labor Department said Thursday. That was down 22,000 from the week before, and better than the 410,000 claims economists surveyed by Briefing.com had expected.
The numbers point to the same trend economists have been speaking about for months: The job market is improving, but at a snails pace.
"It's clear that layoffs are trending down," said Mark Vitner, senior economist with Wells Fargo. "But there's been little evidence of hiring."
The weekly figure has hovered close to the 400,000 level since December, but is gradually heading lower overall. Economists look to the 4-week moving average to smooth out the volatility of week-to-week bumps.
The 4-week moving average fell to 402,000 from the previous week's revised average of 418,500.
While that's a sign of improvement, uprisings in the Middle East could halt the job market's progress, Vitner said.
"The situation in the Middle East is still intensifying," he said. "It affects the overall psychology of business, because we know higher energy prices lead to less economic growth, lower consumer spending and ultimately, cut into corporate earnings and hiring decisions."
Meanwhile, continuing claims -- which include people filing for the second week of benefits or more -- fell by 54,750 to 3,790,000 in the week ended Feb. 12, the most recent week available.
Index | Last | Change | % Change |
---|---|---|---|
Dow | 32,627.97 | -234.33 | -0.71% |
Nasdaq | 13,215.24 | 99.07 | 0.76% |
S&P 500 | 3,913.10 | -2.36 | -0.06% |
Treasuries | 1.73 | 0.00 | 0.12% |
Company | Price | Change | % Change |
---|---|---|---|
Ford Motor Co | 8.29 | 0.05 | 0.61% |
Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
General Electric Co | 13.00 | -0.16 | -1.22% |
Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More |
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More |
Honda and General Motors are creating a new generation of fully autonomous vehicles. More |
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More |
Whether you hedge inflation or look for a return that outpaces inflation, here's how to prepare. More |