Jobless Claims Decline by 3,000

Initial jobless claims declined last week, the Labor Department reported Feb. 20.

Claims for the week ended Feb. 15 declined by 3,000 to 336,000, Bloomberg News reported.

The number of claims was above analysts’ forecast of 335,000, according to Bloomberg.

“Firing is still at very low levels,” Sean Incremona, an economist at 4cast Inc., told Bloomberg. “As we continue to see economic growth gain momentum later this year, job gains will also have momentum.”

A slowdown in firings could lay the groundwork for a pickup in hiring, and more jobs could translate into a rise in consumer spending, Bloomberg reported.

The four-week moving average, a less volatile measure, rose to 338,500 from 336,750 the previous week.

Continuing jobless claims for the week ended Feb. 8 rose by 37,000, to 2.98 million.