US New Unemployment Claims Hit Lowest in a Month... Labor Market Remains Strong

Continued Decrease in Unemployment Benefit Claims

Last week, the number of new unemployment benefit claims in the United States dropped to the lowest level in a month. Despite ongoing layoffs in major companies, including the tech sector, the U.S. labor market remains strong.

According to the U.S. Department of Labor on the 22nd (local time), the number of new unemployment benefit claims for the week of February 11?17 decreased by 12,000 from the previous week to 201,000. This figure was below experts' expectations (217,000) and marked the lowest level in a month.

The previous week's new unemployment benefit claims were revised upward from 212,000 to 213,000.

The number of new unemployment benefit claims, which reflects corporate layoff trends, has fluctuated in the low 200,000s since mid-September last year. Compared to the period before the COVID-19 pandemic, it remains record-low.

The number of continuing unemployment benefit claims, which are filed by those claiming benefits for at least two weeks, was 1,862,000 for the week of February 4?10. This is also the lowest level in a month, down by 27,000 from the previous week. This indicates that more existing unemployed individuals have found new jobs.

The 4-week moving average of unemployment benefit claims, which provides a clearer trend of claims, was 215,250, down by 3,500 from the previous week. It had increased by 5,750 the week before but has now shifted to a downward trend.