Initial jobless claims climbed slightly last week after declining in the previous two, data released by the Labor Department revealed.
- Weekly unemployment claims totaled 745,000 in the week ended February 27.
- Continuing claims fell to 4.3 million in the week ended February 2020 from 4.4 million previously.
- First-time applications grew by nearly 17,800 from the prior week in Texas, the biggest across all states. Jobless workers may have delayed filing amid severe weather conditions previously.
- Along with Texas, Ohio and New York posted the biggest gains versus the previous week.
- Initial jobless claims in regular state programs rose by over 31,500 on an unadjusted basis.
- Data indicates that the market is still affected by the health crisis, reducing economic activity across sectors.
- Few layoffs are expected in the coming months as the economy picks up. Infection rates are declining and more Americans are getting vaccinated.