The number of Americans filing for first-time unemployment benefits fell slightly in the week ending March 8, signaling continued stability in the labor market.
- Initial jobless claims (seasonally adjusted): 220,000, a decrease of 2,000 from the previous week.
- Previous week’s revised figure: 222,000, up by 1,000 from the initial estimate.
- Four-week moving average: 226,000, an increase of 1,500 from the prior week.
The unadjusted number of initial claims also saw a decline, dropping by 13,202 to 212,817.
This was a larger decrease than the 10,890 claims anticipated by seasonal adjustments. However, claims were slightly higher than the same week last year, when they stood at 202,722.
Insured Unemployment Rate Holds Steady
The insured unemployment rate, which measures the percentage of the workforce receiving jobless benefits, remained unchanged at 1.2% for the week ending March 1.
- Seasonally adjusted insured unemployment: 1.87 million, down 27,000 from the prior week.
- Four-week moving average: 1.872 million, an increase of 6,250.
- Unadjusted insured unemployment: 2.16 million, reflecting a decrease of 67,600 from the previous week.
State-by-State Unemployment Trends
The highest insured unemployment rates for the week ending February 22 were:
- Rhode Island: 3.4%
- New Jersey: 2.9%
- Massachusetts, Minnesota: 2.6%
- California, Illinois, Montana, Washington: 2.4%
- Connecticut, New York: 2.1%
Meanwhile, initial claims saw the biggest increases in:
- New York (+15,513)
- Texas (+1,774)
- Kentucky (+891)
- Arkansas (+603)
- New Hampshire (+573)
The largest declines were recorded in:
- Massachusetts (-3,885)
- Rhode Island (-1,984)
- Michigan (-1,933)
- Illinois (-1,051)
- Iowa (-982)
Federal and Extended Benefits Data
For the week ending March 1:
- Federal civilian employee claims: 1,580, down by 54.
- Newly discharged veterans’ claims: 364, an increase of 52.
- Continued claims from federal employees: 8,215, up by 803.
- Veteran continued claims: 4,376, up by 70.
- Extended benefits: 122 claims, an increase of 66.
Total Claims Across All Programs
The total number of continued weeks claimed across all unemployment programs stood at 2.27 million for the week ending February 22.
This marked a rise of 70,555 from the previous week and was higher than the 2.14 million claims recorded during the same period last year.
What This Means for the Job Market
Despite slight fluctuations in weekly claims, the labor market remains resilient, with overall unemployment rates holding steady.
While some states have experienced notable increases in claims, national trends suggest a job market that continues to absorb economic pressures without significant disruption.
