Jobless Claims Decline by 7,000 as Labor Market Remains Stable

Jobless claims dropped last week, with analysts saying the numbers show a stable labor market with a historically low number of layoffs.

During the week ended Saturday (Feb. 8), the number of Americans filing initial claims for unemployment insurance dropped by 7,000, the Department of Labor said in a Thursday (Feb. 13) press release. The number dropped to 213,000, down from the previous week’s revised figure of 220,000.

The four-week moving average decreased by 1,000 and was gauged at 216,000, down from the previous week’s revised average of 217,000.

The decline in initial claims was greater than that forecast by economists polled by the Wall Street Journal, who had expected to see 214,000. The WSJ reported that the number has remained steady, suggesting that the labor market has grown more stable than it was last summer.

Similarly, Reuters said Thursday that the number was lower than the 215,000 projected by the economists it polled and that it pointed to a stable labor market. Reuters added that the number of layoffs has been at a historic low.

The Department of Labor also reported Thursday that the number for insured unemployment dropped by 36,000 during the week ended Feb. 1. It dropped to 1,850,000, down from the previous week’s 1,886,000.

The insured unemployment rate remained at 1.2%, which was unchanged from the previous week.

The state with the greatest increase in initial claims during the week ended Feb. 1 was New York, which had 3,964 more than it had a week earlier. New York attributed the rise to layoffs in the construction, transportation and warehouse industries and the accommodation and food services industries.

California had the second biggest increase, with 3,418, but did not submit comments to the Department of Labor.

No state had a decrease of more than 1,000 initial claims for unemployment.

The Bureau of Labor Statistics (BLS) reported Feb. 4 that the number of job openings in the U.S. decreased by 556,000 in December. Analysts said at the time that the decline was unexpected but that the figures for hiring and layoffs pointed to a healthy labor market.

The BLS reported Friday that job growth slowed in January.

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