Initial jobless claims improved more than expected in the latest weekly data to reach a two-month low, as the U.S. labor market recovery pressed ahead while Omicron-related disruptions retreated.
The Labor Department released its latest weekly jobless claims report Thursday at 8:30 a.m. ET. Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg:
Initial jobless claims, week ended Feb. 26: 215,000 vs. 225,000 expected and an upwardly revised 233,000 during prior week
Continuing claims, week ended Feb. 19: 1.476 million vs. 1.420 million expected and a downwardly revised 1.474 million during prior week
At 215,000, the number of new jobless claims marked a back-to-back week of declines. It was also the lowest level since the week ended Dec. 31, when jobless claims totaled 207,000.
Jobless claims rose to nearly 300,000 in mid-January, reflecting some momentary backsliding in the labor market's improvements as Omicron virus cases surged to a record and seasonal adjustments in data became choppy due to the pandemic over the past two years. Still, claims have fallen precipitously compared to this time last year, with new claims coming in around 750,000 in late February 2021.
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