Jobs Report: Initial Claims Jump to 5-Week High

Initial claims for unemployment insurance jumped last week at the fastest pace in five months, with total claims reaching their highest level since December, the Labor Department reported Thursday.

For the week ending March 4, the advance figure for seasonally adjusted initial claims rose to 211,000, an increase of 21,000 from the previous week’s unrevised level of 190,000. The four-week moving average rose to 197,000, an increase of 4,000 from the previous week’s unrevised average of 193,000.

The advance seasonally adjusted insured unemployment rate rose to 1.2 percent for the week ending February 25, an increase of 0.1 percentage point from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending February 25 rose to 1,718,000, an increase of 69,000 from the previous week’s revised level. The four-week moving average rose to 1,679,500, an increase of 9,500 from the previous week’s revised average.

The advance number of actual initial claims under state programs, unadjusted, totaled 237,513 in the week ending March 4, an increase of 35,357 (17.5 percent) from the previous week. Labor reported 219,875 initial claims in the comparable week in 2022.

The advance unadjusted insured unemployment rate rose to 1.4 percent during the week ending February 25, an increase of 0.1 percentage point from the prior week. The advance unadjusted level of insured unemployment in state programs totaled 1,975,193, an increase of 83,404 (4.4 percent) from the preceding week. A year earlier the rate was 1.4 percent; volume was 1,912,171.

Continued weeks claimed for benefits in all programs for the week ending February 18 fell to 1,920,603, a decrease of 38,441 from the previous week. Labor reported 1,909,028 weekly claims filed for benefits in all programs in the comparable week in 2022.

The parade of jobs reports concludes Friday when the Bureau of Labor Statistics releases its monthly Employment Situation report. Mike Fratantoni, Chief Economist with the Mortgage Bankers Association, will provide commentary and analysis on the Friday jobs report in the Monday, Mar. 13 edition of MBA NewsLink.