U.S. Unemployment Claims Fall to 712,000

U.S. seasonal unemployment claims dropped to 712,000 last week as restrictions across the country were eased, according to data released by the Department of Labor.

• The previous week’s level was revised higher to 754,000, bringing the four-week average to 759,000 versus the previous week’s average of 793,000.
• The advance seasonally adjusted insured unemployment rate was 2.9% for the week ending February 27 from previous week’s 3.1%. Insured unemployment during the week ended February 27 was down 193,000 to 4.144 million.
• Unadjusted initial claims totaled 709,458 in the week ending March 6 versus 200,382 initial claims in the same week last year.
• Initial claims for unemployment insurance benefits totaled 1,384 in the week ending February 27.
• Highest insured unemployment rates in the week ending February 20 were in Pennsylvania, Alaska, Nevada, Connecticut, Massachusetts, New York, Rhode Island, the Virgin Islands, California, and Illinois.