Initial unemployment benefits fell to 232,000 the week of Feb. 19. That’s a decrease of 17,000 from the previous week’s revised level of 249,000.
The four-week average for initial claims also declined the week of Feb. 19, to 236,250 from the previous week’s revised average of 243,500.
Overall, the number of Americans collecting unemployment after an initial week of benefits was 1.48 million the week of Feb. 12, down about 112,000 from the previous week’s revised level and the lowest level since March 14, 1970, the Labor Department said.
“Unemployment claims dropped in the most recent week, as expected, as the recent rise was correlated with the omicron wave,” said Robert Frick, corporate economist at Navy Federal Credit Union, in a statement cited by The Hill. “As the wave recedes, so too have layoffs. We are on track to hitting the historical average in the next few weeks.”
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