WASHINGTON – Initial jobless claims decreased by 6,000 to 462,000 for the week ending March 6, in line with economists' estimates, the Labor Department reported today.
Continuing claims rose to 4.558 million for the week ending Feb. 27 from 4.521 million in the previous week, which was revised higher from 4.5 million reported last week.
Economists expected 460,000 initial jobless claims and 4.49 million continuing claims, according to the median estimate from Thomson Reuters.
Initial claims for the week ending Feb 27 were revised to 468,000 from 469,000 reported last week.
The four-week moving average of initial claims, a less volatile figure, increased to 475,500 from 470,500. The four-week average for continuing claims was unchanged at 4.581 million. The previous week's continuing claims four-week average was revised higher from 4.576 million.
California reported the largest increase in initial claims for the week ending Feb. 27, a jump of 16,112, as the state returned to a five-day workweek following the Presidents Day holiday in the prior week. The state saw more layoffs in the service industry, the Labor Department said. California reported a drop of 12,000 initial claims for the week of Feb. 20 partly because of the holiday.
No states submitted initial claims estimates for last week, a Labor Department official said.
