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Labor market showing steady improvement
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03/21/13 09:15 AM ET
The labor market is showing steady signs of improving with the monthly average of jobless claims falling to a new five-year low last week.
First-time unemployment benefit applications increased by only 2,000 last week to a seasonally adjusted 336,000, another sign that layoffs are slowing, the Labor Department reported on Thursday.
The four-week moving average, a better gauge as to the direction of the job market, fell by 7,500 to 339,750, the lowest level since February 2008.
Economists argue that the labor market is healthier when applications fall below 375,000.
In February, employers added 236,000 jobs and the unemployment rate fell to 7.7 percent, the lowest level in four years.
Economists are concerned that the growing momentum in the job market may stall out over the next few months because of the implementation of $85 billion in across-the-board spending cuts.
But, if the economy can bear the burden, growth and jobs could pick up again later this year, they argue.
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