Conditions in the labor market remain strong and stable as initial jobless claims are holding at trend, down 2,000 in the March 11 week to 241,000. The 4-week average, little changed at 237,250, is down nearly 10,000 from mid-February in what offers a favorable signal for the March employment report.
Continuing claims are also very favorable, down 30,000 in lagging data for the March 4 week with this 4-week average down 12,000 to 2.054 million. The average is down 27,000 from early February in another positive indication of ongoing health.
There are no special factors in today's report. Next week's report will include annual revisions.