Initial claims for regular state unemployment insurance increased by 23,000 for the week ending 12 February, coming in at 248,000 (see first chart). That is the first increase following three weekly declines. Over the past 13 weeks, claims are up in seven weeks and down in six. The level over the past six weeks remains above the average in early January and February 2020, prior to the pandemic surge. However, by long-term historical comparison, initial claims remain very low.
The four-week average fell in the latest week – the second decrease in a row and the largest decline since 11 December 2021 – coming in at 243,250, a drop of 10,500. Weekly initial claims data continue to suggest the labour market remains very tight.
