Fewer Americans Apply for Unemployment Benefits Last Week
Fewer Americans applied for unemployment benefits last week reflecting a low number of layoffs across the economy.The four-week average for claims, which compensates for weekly volatility, fell by 6,000 to 230,500.
In total, 1,476,000 Americans were collecting jobless aid the week that ended Feb. 12, a small uptick of 2,000 from the previous week's revised number, which was its lowest level since March 14, 1970. First-time applications for jobless aid generally track the pace of layoffs, which are back down to fairly healthy pre-pandemic levels.
The Labor Department releases its February jobs report on Friday. Analysts surveyed by the financial data firm FactSet forecast that the U.S. economy added 400,000 jobs last month. In January, the U.S. economy added a whopping 467,000 jobs and revised December and November gains upward by a combined 709,000. The unemployment rate stands at 4%, a historically low figure.
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