WASHINGTON — Claims for jobless benefits fell last week, a sign the labor market is improving — dropping by 12,000 to 367,000 in the week ended Jan. 28, Labor Department figures showed Thursday. The median forecast of 46 economists in a Bloomberg News survey projected 371,000.
Companies are slowing the pace of firing as the world’s largest economy picks up, a necessary step toward bigger gains in employment.
Economists forecast that a Labor Department report out today may show employers boosted payrolls in January and the jobless rate held at an almost three-year low.
“The shift lower in claims looks to be sustainable,” said Eric Green, chief market economist at TD Securities in New York. “The lower claims you have, the higher job growth you’ll get.”
Jobless claims were projected to decrease from 377,000 initially reported for the prior week, according to the Bloomberg survey. Estimates ranged from 360,000 to 384,000. The Labor Department revised the previous week’s figure up to 379,000. The four-week moving average for jobless claims fell to 375,750 last week from 377,750. It was the second-lowest average since 2008, after a 374,000 reading in the last week of December.Bloomberg News
