Weekly Jobless Claims Lowest Since January, Department of Labor Reports

Candidates are waiting for their turn to be interviewed.
SunnyVMD / Getty Images/iStockphoto

Weekly jobless claims resumed their downward trend reaching their lowest level in two months. For the week ending Feb. 26, the advance figure for seasonally adjusted initial claims was 215,000, a decrease of 18,000 from the previous week’s revised level, according to the Labor Department.

See: February ADP National Employment Report Shows 475,000 New Private Sector Jobs
Find: Common Mistakes To Avoid When Filing For Unemployment

The previous low was the week ending Jan. 1, with 207,000 claims, according to the Labor Department data.

Economists polled by The Wall Street Journal had expected initial jobless claims to total a seasonally adjusted 225,000 for the week, according to MarketWatch.

For the week, jobless claims fell the most in Michigan, California, Florida, Illinois and Ohio. The state with the largest increase in claims was Massachusetts, the data shows.

“We expect initial claims to continue to grind back toward 200,000 as the impact of the Omicron variant increasingly fades,” Nancy Vanden Houten, lead U.S. economist at Oxford Economics, told MarketWatch. “Layoffs are expected to be minimal in a tight labor market where employers continue to struggle to attract workers.”

Make Your Money Work for You

The previous week’s level was revised up by 1,000 to 233,000. The 4-week moving average was 230,500, a decrease of 6,000 from the previous week’s revised average. In addition, the previous week’s average was revised up by 250 from 236,250 to 236,500.

The largest increases in initial claims for the previous week, ending Feb. 19, were in Michigan (+3,500), Kansas (+724), Utah (+454), Connecticut (+349), and the District of Columbia (+239).

The largest decreases were in Missouri (-6,949), New York (-3,037), Ohio (-2,212), California (-2,182), and Tennessee (-1,959), according to Labor Department data.

See: Department of Labor Announces Unemployment Insurance System Reform
Find: US Labor Costs Rise at Fastest Pace in Two Decades

The closely-watched Labor Department nonfarm payrolls report comes out March 5 and economists surveyed by Dow Jones expect the economy added 440,000 jobs for the month, according to CNBC.

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.

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.