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- U.S. weekly jobless claims total 745,000
U.S. weekly jobless claims total 745,000
The data from
the Labor Department revealed on Thursday the number of applications for
unemployment rose slightly less than expected last week, remaining elevated, as
the U.S. labor market struggles to recover from its biggest shock in history,
caused by the COVID-19 pandemic.
According to
the report, the initial claims for unemployment benefits increased by 9,000 to
745,000 for the week ended February 27. Claims remained well above the pre-pandemic levels.
Economists had
expected 750,000 new claims last week.
Claims for the
prior week were revised upwardly to 736,000 from the initial estimate of 730,000.
Meanwhile, the
four-week moving average of jobless claims declined to 790,750 from a downwardly
revised 807,500 in the previous week.
Continuing
claims dropped to 4,295,000 from an unrevised 4,419,000 in the previous week.
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