New unemployment claims in U.S. lower than analysts expected

March 11 (UPI) -- More than 700,000 workers in the United States have filed for new unemployment benefits, the Labor Department said Thursday, slightly fewer than most economists were anticipating.

The department said in its weekly report that 712,000 U.S. workers have filed new claims. Most analysts were expecting about 725,000 initial claims for the week ending March 6.

The number of new claims represented a decrease of 42,000 from the previous week, the department said. It also revised the previous week's claims up by 9,000 filings.

The department said the unemployment rate for last week slightly decreased to 2.9% and there were about 4.1 million continuing claims, which lag initial claims by a week.

Thursday's report came less than one day after the House passed President Joe Biden's $1.9 trillion American Rescue Plan, which will send many Americans a third stimulus payment, increase vaccination funding and give recovery aid to state and local governments.

The relief package will also extend key unemployment benefits until September. Without the plan, those benefits would have expired on Sunday. Biden said he will sign the bill on Friday.