First-time unemployment filings came in lower in the latest weekly data, continuing a recent downward trend in jobless claims as Omicron-related pressures on the labor market begin to abate.
The Labor Department released its latest weekly jobless claims report Thursday and here are the main metrics as compared to consensus estimates compiled by Bloomberg:
Initial jobless claims, week ended Feb. 5: 223,000 versus 230,000 expected; prior week of 238,000 upwardly revised to 239,000
Continuing claims, week ended Jan. 29: 1.62 million versus 1.61 million expected; prior week of 1.63 million downwardly revised to 1.62 million
Filings for unemployment insurance have fallen consistently in recent weeks after a temporary surge in mid-January to a total of nearly 300,000, the highest level since October. The rush of U.S. workers applying for benefits was attributed to disruptions from the Omicron variant of COVID-19 and adjusted workforces following the seasonal hiring increase at the end of 2021.
Click here to see the full report from Alexandra Semenova at Yahoo Finance.
And as reported by WNDU in South Bend, Ind., according to the mayor’s office, the most recent report from the U.S. Bureau of Labor Statistics shows the Elkhart-Goshen area has the lowest unemployment rate in the country at 0.91 percent.
“This low unemployment rate shows how many people are coming into Elkhart to work each and every day,” said Elkhart Mayor Rod Roberson.
