Initial Jobless Claims Fall 18K

Payroll growth in last week's employment report for February proved very strong and the early indication for this month, based on initial jobless claims for the March 5th week, is positive. Claims fell 18,000 to 259,000 which is the lowest level since October. The 4-week average is also the lowest since October, down 2,500 to a 267,500 level that is down a very sizable 15,000 from this time last month.

Continuing claims round out the good news, down 32,000 in lagging data for the February 27 week to 2.225 million for the second lowest reading of the year. The 4-week average, at 2.252 million, has been showing less improvement and is slightly higher than a month ago. But the unemployment rate for insured workers, down 1 tenth to only 1.6 percent, is very positive.

There are no special factors in today's report, one that underscores the solid strength of the nation's labor market and will offer argument points for raising rates at next week's FOMC meeting.

Recent History Of This Indicator:
Initial jobless claims are expected to fall 6,000 to 272,000 in the March 5th week. Both initial claims as well as continuing claims have been near historic lows, pointing toward full employment for the economy.