2020.03.0513:24:00UTC+00U.S. Weekly Jobless Claims Edge Down Slightly Less Than Expected

With the more closely watched monthly jobs report looming, the Labor Department released a report on Thursday showing a modest decrease in first-time claims for U.S. unemployment benefits in the week ended February 29th.

The report said initial jobless claims edged down to 216,000, a decrease of 3,000 from the previous week's unrevised level of 219,000. Economists had expected jobless claims to slip to 215,000.

Meanwhile, Labor Department said the less volatile four-week moving average crept up to 213,000, an increase of 3,250 from the previous week's unrevised average of 209,750.

Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also rose by 7,000 to 1.729 million in the week ended February 22nd.

The four-week moving average of continuing claims still fell to 1,721,250, a decrease of 7,500 from the previous week's revised average of 1,728,750.

On Friday, the Labor Department is scheduled to release its more closely watched employment report for the month of February.

Employment is expected to increase by about 175,000 jobs in February after jumping by 225,000 jobs in January, while the unemployment rate is expected to hold at 3.6 percent.