First-Time Jobless Claims Fell More Than Expected for Week

The Labor Department said weekly jobless claims fell by 18,000 to 259,000 last week, coming in lower than the median forecast for 275,000. The prior week was revised lower by 1,000 to 277,000.

The four-week moving average–which is widely considered a better gauge as it irons out volatility–was 267,500, a decrease of 2,500 from the previous week’s revised average. The previous week’s average was revised down by 250 from 270,250 to 270,000.

A Labor Department analyst said they were no special factors impacting this week’s initial claims and no state was triggered “on” the Extended Benefits program during the week ending February 20.

The highest insured unemployment rates in the week ending February 20 were in Alaska (4.6), West Virginia (3.5), New Jersey (3.4), Rhode Island (3.3), Montana (3.2), Connecticut (3.1), Pennsylvania (3.1), Wyoming (3.1), Massachusetts (3.0), California (2.8), and Illinois (2.8).

The largest increases in initial claims for the week ending February 27 were in New York (+17,920), California (+4,346), Texas (+959), Oregon (+930), and New Hampshire (+686), while the largest decreases were in Massachusetts (-3,413), Michigan (-1,054), Missouri (-983), Rhode Island (-838), and Pennsylvania (-609).