Initial Jobless Claims Signal Economic Weakness

Washington, DC, March 20, 2008-- First-time jobless claims rose 22,000 to stand at 378,000 for the week ended March 15.

Readings higher than 350,000 signal weakening in the labor market, and this level has been exceeded since late January.

Initial claims ranging from about 300,000 to 325,000 are consistent with a healthy rate of U.S. employment growth.

The four-week average of initial claims also increased 6,000 to 365,250.

For the week ended March 8, continuing claims rose 32,000 to 2.87 million -- the highest number since August 2004.

Initial claims represent job loss, while continuing claims indicate the difficulty of finding new jobs.