Initial jobless claims rose last week (AP) (11-03-2011)

WASHINGTON (AP) – According to data released by the Labor Department, the number of people seeking unemployment benefits advanced last week following the one after applications hit their lowest level in nearly three years. Economists are expecting further declines as the economy improves.

Applications increased by 26,000 to a seasonally adjusted 397,000 during the week ended March 5, the Labor Department said Thursday.

The latest report covers the week after the Presidents' Day holiday, when many government offices were closed. Applications usually rise in weeks following holiday-shortened weeks.

The four-week average, a less volatile measure, rose to 392,250. The average fell to its lowest level since July 2008 two weeks ago.

Economists were encouraged that claims remained below 400,000 for the third straight week.

Source: AP