Forex

WASHINGTON (Thomson Financial) - The number of people filing new claims for unemployment insurance was unchanged from the prior week, although the number of people continuing to look for work increased for the fourth week in a row to a high not seen in nearly two and a half years, the Labor Department said today.

The number of first-time claims filed in the week ending March 8 was unchanged at 353,000. Economists polled by Thomson's IFR Markets were expecting 358,000 new claims.

The four week moving average for initial claims dropped slightly for the third consecutive week, by 1,250 to 358,500.

However while weekly claims have moderated somewhat, the number of people continuing to look for work is still on the rise, something economists have seen as yet another sign of a slowing economy.

For the week ending March 1, the number of individuals continuing to receive unemployment insurance rose by 7,000 to 2.835 mln, the same number economists predicted. That's the highest insured unemployment has been since September 2005.

The four week moving average for continuing unemployment claims rose sharply by 24,500 to 2.813 mln, the highest it's been since October 2005.