Jobless Claims Down Far More than Expected for Week Ending February 16

Initial jobless claims came in at a seasonally adjusted 216,000 for the week ending February 16, down 23,000 and beating the lowest forecast.

The consensus forecast was 225,000, with forecasts ranging from 220,000 to 235,000.

The 4-week moving average came in at 235,750, rising 4,000 to the highest level for the average since January 20, 2018 when it was 237,500.

The advance seasonally adjusted insured unemployment rate held steady at a very low 1.2% for the week ending February 9. The advance number for seasonally adjusted insured unemployment fell 55,000 during the week ending February 9 to 1,725,000.

No state was triggered “on” the Extended Benefits program during the week ending February 2.

The highest insured unemployment rates in the week ending February 2 were in Alaska (3.4), New Jersey (2.8), Montana (2.6), Pennsylvania (2.6), Rhode Island (2.6), Connecticut (2.5), Minnesota (2.4), Illinois (2.3), Massachusetts (2.3), and West Virginia (2.3).

The largest increases in initial claims for the week ending February 9 were in Washington (+4,554), Michigan (+1,356), Puerto Rico (+396), Oregon (+351), and Montana (+287), while the largest decreases were in California (-4,054), Pennsylvania (-2,083), Ohio (-1,859), Iowa (-1,463), and Illinois (-1,415).