US jobless claims record more-than-projected drop

US jobless claims fell more than expected in the week ended March 1, reflecting a resilient labor market in the world’s largest economy.

 

Official data released today, March 6, showed that initial claims for unemployment benefits fell by 21,000 to 221,000 last week.

 

This came against forecasts for a 6,000 decline and was above the previous week’s unadjusted average of 242,000.

 

Meanwhile, the four-week moving average of new claims, a better measure of labor market trends as it irons out weekly fluctuations, added 250 to 224,250.

 

All eyes are on the upcoming US nonfarm payrolls report due tomorrow, amid expectations for the addition of 160,000 new jobs in February.

 

Weekly US Jobless Claims

Item

Last Year

Previous Week

Latest Week

Change

Initial Claims (‘000)

210.0

242.0

221.0

(21)

Four-Week Average (‘000)

208.5

224.0

224.25

+0.25

Total Beneficiaries (mln)

1.794

1.855

1.897

+0.042

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