U.S. jobless claims ease - claims for benefits fell more than expected last week.

[jefferson_dem]

INSTANT VIEW: U.S. jobless claims ease
Thu Mar 5, 2009 8:56am EST

NEW YORK (Reuters) - The number of U.S. workers filing new claims for jobless benefits fell more than expected last week, a government report showed on Thursday, but remained at high levels consistent with a severe recession.

U.S. non-farm productivity was much weaker than initially estimated in the fourth quarter as output contracted at its steepest pace since 1982, according to a government report on Thursday that underscored the deteriorating economic climate.

KEY POINTS: * The Labor Department said initial claims for state unemployment insurance benefits fell by 31,000 to a seasonally adjusted 639,000 in the week ended February 28 from an upwardly revised 670,000 the prior week. * Analysts polled by Reuters had forecast 650,000 new claims versus a previously reported 667,000 the previous week. * The number of people staying on the benefits roll after drawing an initial week of aid eased by 14,000 to 5.11 million in the week ended February 21, the latest week for which the data is available, from 5.12 million the previous week.

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COMMENTS:

TOM SOWANICK, CHIEF INVESTMENT OFFICER, CLEARBROOK FINANCIAL, PRINCETON, NEW JERSEY:

"The (jobless claims) downtick was pretty much meaningful... it's too early to say the bloodletting is over. Having said that, we are nearing an end to the layoffs in part because it is typical during late cycle activity. The big effect today is the ECB and Bank of England, which both lowered rates today."

DAVID COARD, HEAD OF FIXED-INCOME SALES AND TRADING, WILLIAMS CAPITAL GROUP, NEW YORK:

"It looks like Treasuries are responding favorably to the data. The claims data suggests we will continue to see weakness in the labor market."

http://www.reuters.com/article/ousivMolt/idUSTRE5243GT20090305

[Clio the Leo]

1. Patiently waiting for the GOP to come out in force and BLAME the Pres. for this. :-) NT

[earthside]

2. "We are forming a bottom."

Undoubtedly that will be the theme of the day (as usual) on CNBC.

Who is kidding whom?

GM is going to have to file for bankruptcy ... fact-based reality will ultimately prevail.

We ain't seen nuthin' yet, folks.