US Unemployment Claims Rise, Indicating Softening Labor Market
Last week, initial claims for unemployment insurance in the U.S. rose to 211,000, according to figures from the Department of Labor. This was an increase of 21,000 from the previous week's unrevised estimate of 190,000. The market predictions for the month had been set at 195K.
Continuing jobless claims, representing the number of people already receiving benefits, also rose to 1.72 million during the week ending Feb. 25, with an increase of 69,000 from the previous week's revised level.
The four-week moving average was 197K, an increase of 4K from the prior week's unrevised average of 193.0K.
Data from the Department of Labor found that the advance number for seasonally adjusted insured unemployment during the week ending February 25 was 1,718,000, an increase of 69,000 from the previous week. The advance seasonally adjusted insured unemployment rate was also 1.2 percent for the week ending February 25, an increase of 0.1 percentage points from the previous week's unrevised rate.
The rise in unemployment claims is indicative of a softening labor market, although layoffs remain low in most of the U.S. The recent numbers could also be attributed to spikes in California and New York. WalletHub analyst Jill Gonzalez commented that despite recent layoffs, unemployment remains low.
0. “US Jobless Claims Jump to 211,000, Highest Level Since December – Bloomberg” Bloomberg, 9 Mar. 2023, https://www.bloomberg.com/news/articles/2023-03-09/us-jobless-claims-jump-to-211-000-highest-level-since-december
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