Jobless Claims Decline to 234K for Week Ending February 2

Initial jobless claims fell 19,000 to a seasonally adjusted 234,000 for the week ending February 2, though remained higher-than-expected.

Forecasts ranged from 220,000 to 235,000, with the consensus coming in at 223,000.

The 4-week moving average rose 4,500 to 224,750, up from the previous week’s unrevised average of 220,250. That’s largely due to the previous week’s impacted by the partial government shutdown.

In all likelihood, it will be temporary.

The advance seasonally adjusted insured unemployment rate remained unchanged at a very low 1.2% for the week ending January 26.

The advance number for seasonally adjusted insured unemployment declined by 42,000 for the week ending January 26, down to 1,736,000. The previous week’s level was revised down by 4,000 from 1,782,000 to 1,778,000.

The 4-week moving average increased 4,250 to 1,741,250, also the result of the partial government shutdown. The previous week was revised down by 750 from 1,737,750 to 1,737,000.

No state was triggered “on” the Extended Benefits program during the week ending January 19.

The highest insured unemployment rates in the week ending January 19 were in Alaska (3.5), New Jersey (2.7), Connecticut (2.5), Montana (2.5), Pennsylvania (2.4), Rhode Island (2.4), California (2.3), Massachusetts (2.3), Illinois (2.2), Michigan (2.1), Minnesota (2.1), and West Virginia (2.1).

The largest increases in initial claims for the week ending January 26 were in California (+8,042), New Jersey (+940), Iowa (+601), Wisconsin (+570), and Minnesota (+37), while the largest decreases were in Texas (-4,974), Ohio (-3,523), New York (-1,970), Georgia (-1,873), and Pennsylvania (-1,186).