First Time Jobless Claims Up 7K

The labor market is steady and solid based on jobless claims data where initial claims came in at 265,000, up 7,000 in the March 12th week but still near record lows. The March 12th week is also the sample week for the monthly employment report and a sample-week to sample-week comparison with the prior month shows little change. The 4-week average, at 268,000, also shows little change. These readings offer the first indications for a solid March employment report.

Turning to continuing claims, where data lag by a week, solid conditions are also holding. Continuing claims in the March 5 week rose 8,000 to 2.235 million with the 4-week average down 10,000 to 2.243 million. A comparison with the month-ago trend shows slight improvement in what is another positive indication for the labor market.

There are no special factors in today's report, one that underscores the Federal Reserve's confidence in the strength of the labor market.

Recent History Of This Indicator:
Initial jobless claims are expected to bounce back to trend at 270,000 in the March 12th week after falling sharply in the prior week. Trends in this report have been moving lower after an unwanted rise at year end.