US Jobless Claims Edge Down, Remaining Near Pre-Covid Levels
Applications for US unemployment benefits were little changed last week, remaining roughly in line with pre-pandemic levels.
Initial claims decreased by 2,000 to 220,000 in the week ended March 8. The median forecast in a Bloomberg survey of economists called for 225,000 applications.
Continuing claims, a proxy for the number of people receiving benefits, fell to 1.87 million in the week ended March 1, according to Labor Department data released Thursday. That was also lower than forecast.
The labor market has remained resilient so far in the face of uncertainty around the Trump administration's escalating trade wars and shrinking of the federal government.
Applications filed by out-of-work federal employees aren't included in total claims. In the week ended March 1, the latest available for this category, claims remained elevated for a second week. The number will be updated later on Thursday.
The four-week moving average of new applications, a metric that helps smooth out fluctuations from week-to-week, rose to 226,000, the highest in almost three months.
Before adjusting for seasonal factors, initial claims declined, led by a large decrease of almost 15,000 in New York.
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