U.S. Jobless Claims Ease but Remain Above Expectations

U.S jobless claims for the week ending February 6 counted 793,000, a decrease of 19,000 from the previous week’s level, according to the Department of Labor press release. The jobless claims were higher than expected 760,000.

• Pandemic Unemployment Assistance, a program for self-employed and gig workers, rose by 1.5 million to 8.7 million in the week ended January 23.
• Continuing claims fell by 145,000 to more than 4.5 million in the week ended January 30.
• More than 10 million Americans remain unemployed.
• Labor market recovery remains a challenge, but job growth is expected to improve as Covid cases decline, businesses reopen, and vaccinations accelerate. 
• Florida, New York, and Maryland posted the largest declines in initial claims in state programs.
• Initial claims in Ohio surged by more than 90,000, while filings in California increased by more than 23,500.

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