WASHINGTON—Government data due out Thursday is forecast to show that initial claims filed for unemployment benefits fell last week after rising in the prior period.
Wall Street economists surveyed by Thomson/IFR expect claims fell by 8,000 to 370,000 for the week ended March 22. The Labor Department is scheduled to release the data at 8:30 a.m. EDT.
The department last week said applications for unemployment benefits rose by 22,000 to 378,000. The jump was more than analysts had expected and reinforced concerns that a weak economy is hindering the labor market.
The government's four-week moving average of new claims, which smooths out week-to-week fluctuations, last week grew by 6,000 to 365,250, the highest level since the period following the 2005 Gulf Coast hurricanes.
Corporate job cuts announced this week include:
-- Paint maker Sherwin-Williams Co. said the housing slump is hurting earnings and warned that an unspecified number of layoffs are likely.
-- Significant job cuts also are expected at investment bank Bear Stearns Cos. if its buyout by JPMorgan Chase & Co. goes through.
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