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U.S. Initial Jobless Claims Fell Last Week by More Than Forecast -Breaking

by Mike Robinson

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© Bloomberg. At a Manning production plant, a worker paints the frames of a bicycle with powder paint. Photographer: Micah Green/Bloomberg

(Bloomberg). — The number of applications for U.S. State Unemployment Insurance fell more than expected to its lowest level since January 1, as Covid-19 case numbers decline and restraints ease.

According to Labor Department data, initial unemployment claims fell by 18,000 in the week ending February 26th. In a Bloomberg survey, economists estimated that there would be 225,000 applicants.

In the week ending February 19, there was little change in continuing claims for state benefits.

This is due to a recovering labor market from the omicron variation, which caused some businesses closures. This trend is expected to continue, as the loosening of Covid restrictions will likely encourage Americans to return to work. Employers are eager to retain workers when activity returns.

The data come ahead of the government’s monthly , which is currently forecast to show the U.S. added 415,000 jobs in February. A separate report Wednesday showed that U.S. companies added a greater-than-forecast jobs last month, according to ADP Research Institute.

©2022 Bloomberg L.P.

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