Initial jobless claims in the US fell by 23,000 in the second week of February, to 206,000 from the previous week. This reading came in well below market expectations of 225,000 and returned claims to levels comfortably beneath the average seen since the start of last year. By contrast, continuing claims—often viewed as a proxy for the total number of people receiving unemployment benefits—inched up by 17,000 to 1,869,000 in the first week of February.
Overall, the figures point to a labor market that remains stable: subdued layoff activity is largely offsetting softer hiring, in line with the Federal Reserve’s assessment. Meanwhile, initial claims filed by federal employees—closely watched as investors assess the impact of the US government shutdown—rose modestly by 80 to 695.
