Jobless claims hit 4-year low

Analysts say decline signals improvement in labor market

? A gauge of future economic activity slipped a bit in January while the number of laid-off workers filing new claims for unemployment benefits dropped last week to the lowest level in more than four years.

The Conference Board reported that its Index of Leading Economic Indicators edged down 0.3 percent last month after having posted a gain of 0.3 percent in December.

The decline was blamed on a jump in energy prices last month, a weaker dollar and cautious business attitudes about the future.

Ken Goldstein, a Conference Board economist, said that the leading indicators index, designed to predict activity during the next three to six months, was showing an economy that was “positive, but more spotty than robust.”

Meanwhile, the Labor Department reported that a total of 302,000 Americans filed applications for unemployment benefits last week, the lowest level since Oct. 28, 2000.

Last week, total claims fell by 2,000, the third straight weekly decline.

The decline in jobless claims caught analysts by surprise. They had been forecasting an increase of about 12,000, reflecting a predicted bounce up after the impressive declines of 9,000 and 12,000 in the previous two weeks.

Analysts said the decline in claims provided further evidence that the labor market was continuing to show improvements with fewer layoffs and more companies deciding to hire new workers.

The four-week moving average for unemployment claims, which smooths out week-to-week volatility, also fell last week, dropping to 311,750, the lowest level since Nov. 4, 2000.

In another report, the Labor Department said that prices for imported goods rose by 0.9 percent in January as foreign petroleum prices jumped 4.6 percent and the price of nonpetroleum imports edged up 0.2 percent.

The January increase in import prices was the biggest jump since a 1.6 percent rise in October. In November and December, import prices had fallen as petroleum prices declined from record highs set in October.