US New Unemployment Claims at 217,000... Slightly Above Forecast

Last week, the number of new unemployment benefit claims in the United States remained at the same level as the previous week.

According to the U.S. Department of Labor on the 7th (local time), the number of new unemployment benefit claims for the week of February 25 to March 2 was recorded at 217,000, the same as the previous week. This slightly exceeded the expert forecast of 215,000.

The number of new unemployment benefit claims, which reflects corporate layoff trends, has been hovering around 200,000 since mid-September last year. Compared to the period before the COVID-19 pandemic, this is still a record low level. This indicates that the U.S. labor market remains strong.

The number of continuing unemployment benefit claims, which counts those applying for benefits for at least two weeks, was recorded at 1,906,000 for the week of February 18 to 24. This is an increase of 8,000 from the previous week. Compared to the week of November 18 to 24 last year (1,925,000), this is the highest in three months. This means fewer existing unemployed people have found new jobs.

The 4-week moving average of unemployment benefit claims, which clearly shows the trend of claims, was 212,250, a decrease of 750 from the previous week, remaining at a similar level. The previous week had seen an increase of 500.

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