Unemployment Insurance Weekly Claims Increase by 11,000

Cropped studio shot of a group of a diverse group of businesspeople using wireless devices while waiting in line.
Cecilie_Arcurs / Getty Images

For the week ending March 5, the advance figure for seasonally adjusted initial claims was 227,000, an increase of 11,000 from the previous week’s revised level, according to the Labor Department.

See: The Effect of Stimulus and Increased Unemployment Payments on the Economy in 2022
Find:10 Things To Know Before Filing Taxes If You Collected Unemployment Last Year

The previous week’s level was revised up by 1,000 to 216,000 from 215,000, the Labor Department said. Economists polled by The Wall Street Journal had forecast initial jobless claims to total a seasonally adjusted 216,000 for the week, according to MarketWatch.

While the figures are slightly higher than the previous week, to put it in context, claims were at 734,000 the corresponding week last year, according to Labor Department data.

New York, California and Kentucky saw the largest increases in claims for the week, according to Labor Department data.

The largest increases in initial claims for the previous week, ending February 26, were in Massachusetts (+3,201), Rhode Island (+1,040), District of Columbia (+995), Nevada (+689), and Kansas (+587), while the largest decreases were in Michigan (-9,161), California (-5,412), Florida (-2,182), Ohio (-2,098), and Illinois (-1,777), according to Labor Department data.

Make Your Money Work for You

Also reflecting encouraging signs, despite a tight labor market, total nonfarm payroll employment rose by a surprisingly strong 678,000 in February, the Bureau of Labor Statistics reported on Friday, March 4. This was well above the 440,000 jobs economists forecasted, as GOBankingRates previously reported.

Ashley Paterson, CEO of Healthy Hippo, told GOBankingRates that “we are starting to see a pattern of employment growth and a healthy increase in employment numbers in the last few months.”

See: Trouble Retaining Workers? Try Implementing These Fun, Quirky Job Perks
Find: 5 Jobs for Moms With Big Resume Gaps

“This is good news because it gives business owners a sense of hope that we are on our way to the ‘new normal.’ I am hopeful that the numbers of employment will continue to increase given that we have moved on from the disease shock,” she said.

Share this article:

Make Your Money Work for You

About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.
Learn More

Best Bank Accounts for September 2022

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.