Initial Jobless Claims Barely Rise for Week Ending February 22

4-Week Moving Average for Jobless Claims Remains Low at Only 209,750

The U.S. Labor Department (DOL) reported initial jobless claims came in at a seasonally adjusted 219,000 for the week ending February 22, slightly missing the consensus forecast. The previous week was revised higher by just 1,000 to only 211,000.

Forecasts ranged from a low of 208,000 to a high of 215,000. The consensus forecast was 210,000.

The 4-week moving average was only 209,750, an increase of 500 from the previous week’s slightly higher revised average. Last week was revised up by just 250.

Lagging Jobless Claims Data

The advance seasonally adjusted insured unemployment rate was unchanged at a very low 1.2% for the week ending February 15

The advance number for seasonally adjusted insured unemployment during the week ending February 8 was 1,724,000, a decrease of 9,000. The previous week’s level was revised up 7,000 from 1,726,000 to 1,733,000.

The 4-week moving average was 1,729,250, an increase of 5,250. The previous week’s average was revised up by 1,750 from 1,722,250 to 1,724,000.

No state was triggered “on” the Extended Benefits program during the week ending February 8.

State Jobless Claims Data

The highest insured unemployment rates in the week ending February 8 were in Alaska (3.0), New Jersey (2.7), Montana (2.5), Puerto Rico (2.5), West Virginia (2.5), Connecticut (2.4), Rhode Island (2.4), Illinois (2.3), Pennsylvania (2.3), California (2.2), Massachusetts (2.2), and Minnesota (2.2).

The largest increases in initial claims for the week ending February 15 were in California (+3,053), Georgia (+700), Maine (+88), Vermont (+68), and Hawaii (+62), while the largest decreases were in Illinois (-1,749), Texas (-1,079), Michigan (-1,040), Washington (-850), and Pennsylvania (-842).