Weekly Jobless Claims Fall to Only 222,000, Labor Demand Very Strong

The Labor Department said fell 7,000 to a seasonally adjusted 222,000 for the week ending February 17, much lower than the median forecast. The previous week’s level was revised down by 1,000 from 230,000 to 229,000.

The 4-week moving average fell 2,250 to just 226,000 and the previous week’s average was revised down by 250 from 228,500 to 228,250.

The advance seasonally adjusted insured unemployment rate fell 0.1% to 1.3% for the week ending February 10. The advance number for seasonally adjusted insured unemployment during the week ending February 10 decreased 73,000 to 1,875,000. The previous week’s level was revised up 6,000 from 1,942,000 to 1,948,000. The 4-week moving average was 1,926,500, a decrease of 16,250 from the previous week’s revised average. The previous week’s average was revised up by 1,500 from 1,941,250 to 1,942,750.

Extended benefits were available in Alaska and the Virgin Islands during the week ending February 3.

The highest insured unemployment rates in the week ending February 3 were in the Virgin Islands (11.7), Alaska (4.2), Puerto Rico (3.6), Connecticut (3.0), New Jersey (3.0), Montana (2.8), Pennsylvania (2.7), Rhode Island (2.7), Massachusetts (2.6), California (2.4), and Illinois (2.4).

The largest increases in initial claims for the week ending February 10 were in Michigan (+565), Tennessee (+291), Kansas (+204), Minnesota (+190), and New Jersey (+186), while the largest decreases were in California (-2,533), Pennsylvania (-1,420), Puerto Rico (-1,366), New York (-1,043), and South Carolina (-569).