U.S. Unemployment Claims Fall to 3-Week Low, Continued Benefits Fall by 37,000

New claims for U.S. unemployment benefits fell unexpectedly last week. It was the lowest level in three weeks, suggesting that the labor market remains tight.

Key Point

Initial unemployment claims for the week ending February 18 decreased by 3,000 from the previous week to 192,000. The median economist estimate is 200,000 Last week revised to 195,000 (preliminary figure of 194,000) Number of continuing unemployment insurance recipients (week ending 11 February) fell to 1,654,000 The decrease of 37,000 is the largest negative since December last year. The median estimate compiled by Bloomberg is 1.7 million. Last week revised to 1,691,000 (preliminary figure: 1,696,000)

“Members of the Federal Open Market Committee (FOMC) may view the data as supporting the need to continue raising rates following the March meeting,” Bloomberg Economics economist Eliza Winger said.

Upper row: Number of new unemployment insurance applications, Lower row: Number of continuous recipients

Source: US Department of Labor

The four-week moving average of flat unemployment claims edged up to 191,250. increased for two consecutive weeks.

Before seasonal adjustment, the number of unemployment claims fell to 210,867. Declines were notable in California and Michigan. Last week’s figures reported by four states are estimates.

See table for detailed statistics.

Original title:US Unemployment Claims Drop to Lowest Level in Three Weeks(excerpt)

(Updated with economist comments and statistical details)