Applications for U.S. unemployment benefits held steady last week, adding to evidence that the labor market is stabilizing. Initial claims were unchanged at 213,000 in the week ended February 28, according to Labor Department data released today. The median forecast in a Bloomberg survey of economists called for 215,000.
Claims are settling near some of the lowest levels seen in the past year, after holidays and winter weather distorted the data in recent months. That sends a stronger signal that the labor market continues to operate in a low-firing environment.
Data earlier Thursday from outplacement firm Challenger, Gray & Christmas Inc. showed that job-cut announcements retreated in February after a surge in the prior month. Another report from the Bureau of Labor Statistics (BLS) showed productivity rose in the fourth quarter by more than forecast.
The government's employment report due Friday is expected to show that hiring moderated last month after an unexpectedly strong reading in January, while the unemployment rate held steady.
.What Bloomberg economists say..."Initial jobless claims remained low in the final week of February, suggesting limited spillover to the month's unemployment rate."— Eliza Winger |
Continuing claims, a proxy for the number of people receiving benefits, climbed by the most this year, to 1.87 million, in the week ended Feb. 21.
The four-week moving average of new applications, a metric that helps smooth out volatility, fell to 215,750 last week.
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