By Ruth Mantell, MarketWatch
WASHINGTON (MarketWatch) — The number of Americans filing initial claims for regular state unemployment-insurance benefits is at the lowest level since April 2008, according to Labor Department data released Thursday.
Initial filings for claims fell 4,000 to a seasonally adjusted 364,000 in the week ended Dec. 17. The four-week average of initial claims — a smoother gauge than the weekly data — fell 8,000 to 380,250, the lowest level since June 2008.
Economists surveyed by MarketWatch had expected that claims would rise to 375,000, while remaining at levels historically associated with an improving labor market. Read economic calendar.
Continuing claims in the week ended Dec. 10 fell 79,000 to 3.55 million, reaching the lowest level since September 2008. The four-week average of these ongoing claims fell 40,000 to 3.63 million, the lowest level since October 2008.
About 7.15 million people received some kind of state or federal benefit in the week ended Dec. 3, down about 300,000 from the prior week.
Analysts have noted that ongoing lower claims levels are echoed in other improving employment data, such as steady payrolls growth and stronger hiring plans. However, with more than 13 million unemployed workers across the country, the employment environment remains stressed.
There’s also concern about the expiration of special federal unemployment-insurance payments, with more than 2.8 million people are expected to lose benefits by the end of February, according to the National Employment Law Project, a New York-based advocacy group.
Elsewhere Thursday, the Commerce Department downwardly revised its estimate for economic growth in the third quarter, due, in part, to weaker consumer spending. Read more about GDP.
