Initial Jobless Claims Fall, 26% Lower Than 2009

Washington, DC, March 4, 2010--Initial jobless claims declined by 29,000 in the week ending Feb. 27 to 469,000, the Labor Department reported Thursday.

Initial claims had risen sharply the previous two weeks, in part because of administrative backlogs, extreme weather and the Presidents Day holiday.

The decline in initial claims matched expectations of economists.

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 fell by 3,500 to 470,750. .

Meanwhile, the number of people receiving regular state jobless benefits declined by 134,000 in the week of Feb. 20 to 4.5 million, the lowest in a year.

Compared with a year ago, initial claims are down 26% and continuing claims are down 8%.