Investing.com - The number of people who filed for unemployment assistance in the U.S. fell more-than-expected last week, remaining close to a five-year low, official data showed on Thursday.
In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending February 24 fell by 22,000 to a seasonally adjusted 344,000, compared to expectations for a decline of 6,000 to 360,000.
Jobless claims for the preceding week were revised up to 366,000 from a previously reported gain of 362,000.
Continuing jobless claims in the week ended February 16 fell to 3.047 million. Analysts had expected continuing claims to fall to 3.160 million from last week’s revised figure of 3.165 million.
The four-week moving average was 355,000, a decrease of 6,750 from the previous week's revised average of 361,750.
The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD dipping 0.07% to trade at 1.3127.
Meanwhile, U.S. stock index futures held on to gains. The Dow Jones Industrial Average futures pointed to a flat open, S&P 500 futures indicated a gain of 0.1%, while the Nasdaq 100 futures signaled a 0.1% advance.
In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending February 24 fell by 22,000 to a seasonally adjusted 344,000, compared to expectations for a decline of 6,000 to 360,000.
Jobless claims for the preceding week were revised up to 366,000 from a previously reported gain of 362,000.
Continuing jobless claims in the week ended February 16 fell to 3.047 million. Analysts had expected continuing claims to fall to 3.160 million from last week’s revised figure of 3.165 million.
The four-week moving average was 355,000, a decrease of 6,750 from the previous week's revised average of 361,750.
The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD dipping 0.07% to trade at 1.3127.
Meanwhile, U.S. stock index futures held on to gains. The Dow Jones Industrial Average futures pointed to a flat open, S&P 500 futures indicated a gain of 0.1%, while the Nasdaq 100 futures signaled a 0.1% advance.