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• The 4-week moving average edges down to 230,500
• The advance seasonally adjusted insured unemployment rate is 1.1 %
The number of new unemployment benefit claims filed in the United States tumbled last week to 215,000 as the job market rebounds from the omicron variant.
The Labour Department reported on Thursday a substantial decrease of 18,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 232,000 to 233,000.
However, economists polled by Dow Jones expected the claims to fall to 225,000.
The drop in claims is consistent with a labor market that has returned to normal following the omicron-induced increase last month. Demand for labor continues to outweigh supply, and as Covid-19 instances decline and limitations relax, more Americans should be willing to return to work, Bloomberg stated.
The 4-week moving average was 230,500, a decrease of 6,000 from the previous week's revised average. The previous week's average was revised up by 250 from 236,250 to 236,500.
The advance seasonally adjusted insured unemployment rate was 1.1 % for the week ending February 19, unchanged from the previous week's unrevised rate
In the week ending Feb. 19, continuing claims for state benefits surged by 2,000 to 1,476,000.
According to a separate report from the Bureau of Labor Statistics, Nonfarm productivity increased 6.6 % in the fourth quarter. Unit labor costs increased by 3.6 % for the year, down from 4.3 % in 2020.
Moreover, the ADP National Employment Report released on Wednesday said private payrolls rose by 475,000 in February, well above the forecast of 400,000 by the Dow Jones economists.
Picture Credits: Live Mint