(Feb 26): Applications for US unemployment benefits rose by less than expected last week, indicating that layoffs remain relatively low.
Initial claims increased by 4,000 to 212,000 in the week ended Feb 21, according to Labor Department data released Thursday. The median forecast in a Bloomberg survey of economists called for 216,000. The period included the Presidents’ Day holiday.
Continuing claims, a proxy for the number of people receiving benefits, declined to 1.83 million in the previous week.
Claims data can be volatile around holidays. However, the current level of initial filings is relatively subdued, adding to other recent data that indicate some stabilisation in the labour market.
The February employment report, due March 6, will help policymakers gauge whether January’s strong payroll gains and dip in unemployment reflect a temporary shift or evidence of sustained improvement.
See also: US producer prices rise 0.5%, exceeding forecast on services
The four-week moving average of new applications, a metric that helps smooth out volatility, was little changed at 220,250 last week.
Before adjusting for seasonal factors, initial claims fell last week to the lowest since September, with Michigan, New York and Ohio posting the largest declines.
Uploaded by Chng Shear Lane
