Jobless claims, March 4 2010, Jobless claims fall, Total beneficiaries rise, Number of people out of work more than six months surged

Jobless claims, March 4 2010

From The Wall Street Journal Market Watch, March 4, 2010.

“Jobless claims fall 29,000 to 469,000”

“The number of people filing for initial unemployment benefits declined by 29,000 in the week ending Feb. 27 to a seasonally adjusted 469,000, the Labor Department reported Thursday.”

“Initial claims in the most recent week were about 8% higher than at the beginning of the year. Economists who follow the data aren’t sure if the increase reflects a weaker job market or is due primarily to non-economic factors, such as weather or backlogs.

The four-week average of initial claims — a better gauge of the trend than the volatile weekly number – fell by 3,500 to 470,750. Read the full report on the Labor Department website.

Meanwhile, the number of people receiving regular state jobless benefits declined by 134,000 in the week of Feb. 20 to a seasonally adjusted 4.5 million, the lowest in a year. More than half of the people who get state jobless benefits ultimately lose their eligibility, usually after 26 weeks, before finding a job.

The number of people who’ve been out of work for more than six months has surged during this recession to a record 6.3 million in January, accounting for 41% of the 14.8 million people officially classified as unemployed, according to monthly data previously released.”

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