Jobless Slightly Rise

Last week, economists were worried that the large drop we had seen in initial claims was caused more by delays because of weather, and not an improving economy.  The good news is that does not appear to be the case.  There was a slight revision upward in last week’s numbers, but nothing out of the ordinary.

Jobless claims remain elevated but didn’t rise drastically as some had predicted because of weather delays last week. (DOL)

– Seasonally adjusted initial claims were 745,000 for the week ending February 27.

– The previous week’s level was revised up by 6,000 to 736,000.

The advance seasonally adjusted insured unemployment rate was 3.0% for the week ending February 20.

ANALYSIS: Ryan Sweet, an economist at Moody’s Analytics, told the Wall Street Journal, “We’ve still got a long ways to go, though it may not seem that way…We’ve still got a big hole to dig”