US Unemployment Claims Fall To Three-Month Lows

U.S. unemployment claims fell to three-month lows in the previous week, albeit still higher than pre-pandemic levels, data released by the Labor Department showed.

• Seasonally adjusted unemployment benefits fell 111,000 to 730,000 at February 20, the lowest since 716,000 at November 28, 2020. This is higher than 282,000 before the peak of COVID-19 on March 14, 2020 .
• Prior week’s level revised down to 841,000 from 861,000; four-week moving average at 807,750.
• Insured unemployment rate at 3.1% for week ending February 13, while seasonally adjusted insured unemployment fell 101,000 to 4.419 million.
• Largest increases in initial claims were Illinois, Ohio, Idaho, Kansas, and California for week ending February 13; top decreases in Maryland, Rhode Island; Georgia; New Jersey; Texas.
• Highest insured unemployment rates in the week ending February 6 were Pennsylvania, the Virgin Islands, Rhode Island, Alaska, Nevada, Connecticut, New York, Illinois, Michigan, and New Mexico.