Jobless Numbers Jump For The Week

In the week ending February 13, the advance figure for seasonally adjusted initial claims was 861,000, an increase of 13,000 from the previous week’s revised level. (Department of Labor)

  • The previous week’s level was revised up by 55,000 to 848,000

The advance unadjusted insured unemployment rate was 3.5% during the week ending February 6.  This is unchanged from the prior week.

Jobless claims have fallen from the peak of 926,000 in early January.  However, they remain above the pre-coronavirus pandemic peak of 695,000.

This was a miss for economists.  Those surveyed by The Wall Street Journal had forecast that the number of workers applying for unemployment benefits would fall to a seasonally adjusted 773,000 last week.

  • Marianne Wanamaker, a labor economist at the University of Tennessee, told the Wall Street Journal, “Things are not as stalled as they were in January, but we don’t have any momentum,”