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Jobless claims number better than expected

Posted on March 27th, 2014 Read time: 1 minutes

The number of people who filed for unemployment benefits dropped in the week ending on March 22, according to the Labor Department. Jobless claims fell by 10,000 over the past week to stand at a seasonally adjusted rate of 311,000, the lowest amount in four months.

The decrease during the week ending on March 22 is a pleasant surprise for economists, as many were predicting the numbers would be 10,000 more, according to MarketWatch. The four-week average, a common barometer used to judge employment by the Labor Department, fell by 9,500 from the same time frame in 2013 to stand at a total of 317,750.

Job creation, which constitutes the employment of full-time, part-time and temporary workers, is also contributing to the decrease in jobless claims. In February, 175,000 new jobs were added to workforces across the country, an increase from January's mark of 129,000. Neil Dutta,head of economics at Renaissance Macro Research, said in an interview with MarketWatch layoffs are also decreasing.

"The rate of firing in the economy remains low, a positive for employment growth looking ahead to the second quarter," Dutta said.

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