Weekly jobless claims got here in barely lower than anticipated final week and financial progress to finish 2021 was barely higher than initially reported, in accordance with authorities knowledge launched Thursday.
Preliminary filings for unemployment insurance coverage totaled 232,000 for the week ended Feb. 19, the Labor Division mentioned. That was a contact beneath the 235,000 Dow Jones estimate and down 17,000 from the earlier week.
A separate report confirmed that gross home product, a sum of all the products and providers produced within the U.S. economic system, elevated at a 7% annualized price throughout the fourth quarter, in accordance with the Commerce Division.
On the roles facet, persevering with claims, which run every week behind the headline quantity, totaled 1.48 million, a decline of 112,000 from the earlier week and good for the bottom whole since March 14, 1970.
The entire of these receiving advantages via all authorities applications fell by simply over 30,000 to 2.03 million, in accordance with knowledge via Feb. 5. That stage has continued to fall as Covid-19 pandemic-associated jobless assist applications have expired.
Regardless of the improved jobs image, whole employment stage stays about 1.7 million beneath the place it was in February 2020, simply earlier than the pandemic. The unemployment price has fallen from a disaster peak of 14.7% to 4%.
On the broader financial facet, the slight upward revision of GDP from the preliminary studying of 6.9% was in step with market estimates. That introduced full-year progress to five.7%, the quickest tempo since 1984 that was pushed by a robust stock rebuild within the second half of the yr.
The change greater got here resulting from elevated contributions from fastened funding and state and native authorities spending. Downward revisions to shopper spending and exports offset a few of the positive factors.