The number of initial jobless claims in the US rose in the week ended Feb. 1, signaling that the labor market of the world’s largest economy is weakening.
Data released today, Feb. 6, by the US Labor Department showed that initial claims increased by 11,000 to 219,000, compared to expectations of a rise to 213,000.
Meanwhile, the four-week moving average of jobless claims, seen as a more accurate gauge of labor market performance, rose by 4,000 to 216,750.
All eyes are on the monthly jobs report due out tomorrow, with the US economy expected to add about 170,000 jobs in January, weaker than December 2024’s reading of 256,000.
|
US Weekly Jobless Claims |
||||
|
Item |
Last Year |
Last Week |
Current Week |
Change |
|
Initial Claims ('000) |
213.0 |
208.0 |
219.0 |
+11 |
|
4-Week Average ('000) |
213.25 |
212.75 |
216.75 |
+4 |
|
No. of Beneficiaries (mln) |
1.813 |
1.85 |
1.886 |
+0.036 |
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