US Jobless Claims Unexpectedly Tick Higher, Reaching Highest Level Since December
The U.S. Department of Labor reported on Thursday that initial jobless claims rose to 211,000 in the week ending March 4, an increase of 21,000 from the previous week's unrevised estimate of 190,000. This marks the highest level of weekly jobless claims since the week ending November 27th, 2021, when there were also 211,000 claims. The number of individuals who have been collecting unemployment benefits for a week or more increased significantly in November 2021, the largest such increase since then.[0]
Unexpectedly, there was an increase in the amount of Americans who filed for unemployment benefits last week, reaching the highest level it has been in the past three months. Applications for unemployment benefits in the United States last week jumped to their highest level since December, mainly due to increases in California and New York, indicating a slight weakening in what is still a competitive labor market.
The advance figure for seasonally adjusted initial claims was 211,000, an increase of 21,000 from the previous week's unrevised level of 190,000.[1] The four-week moving average rose by 4,000 from the preceding week's unaltered average of 193,000 to 197,000.[2] The seasonally adjusted rate of insured unemployment was 1.2 percent for the week ending February 25th, rising 0.1 percentage points from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending February 25 was 1,718,000, an increase of 69,000 from the previous week's revised level.
Weekly jobless claims, which measure the number of individuals receiving benefits, amounted to 1,684,000 for the week ending March 4, a decrease of 29,000 from the preceding week's revised figure of 1,713,000. The level from the prior week was adjusted downward by 5,000.[3]
However, in the week ending March 11, the advance figure for seasonally adjusted initial claims decreased by 20,000 to 192,000. According to a Bloomberg survey of economists, the median estimate for the number of applications was 205,000.[4] Continuing claims, filed by Americans who are consecutively receiving unemployment benefits, rose slightly to 1.72 million for the week ended Feb. 25, an increase of 69,000 from the previous week's revised level.
Overall, the rise in jobless claims to 211,000 suggests that the labor market is still tight, but may be starting to show signs of softening.[0]
0. “US Jobless Claims Jump to 211,000, Highest Level Since December” Bloomberg, 9 Mar. 2023, https://www.bloomberg.com/news/articles/2023-03-09/us-jobless-claims-jump-to-211-000-highest-level-since-december
1. “Initial Jobless Claims Declined by 20,000 in Week Ending March 11” Floor Focus, 16 Mar. 2023, https://www.floordaily.net/flooring-news/initial-jobless-claims-declined-by-20000-in-week-ending-march-11
2. “Unemployment Insurance Weekly Claims” Forex Factory, 9 Mar. 2023, https://www.forexfactory.com/news/1209787-unemployment-insurance-weekly-claims
3. “U.S. weekly jobless claims drop to 192000, gold price steady” Kitco NEWS, 16 Mar. 2023, https://www.kitco.com/news/2023-03-16/U-S-weekly-jobless-claims-drop-to-192-000-gold-price-steady.html
4. “US Jobless Claims Drop by Most Since July, Led by New York” Bloomberg, 16 Mar. 2023, https://www.bloomberg.com/news/articles/2023-03-16/us-jobless-claims-drop-by-most-since-july-led-by-new-york
