For the first time in seven weeks, jobless claims jumped above 200k, according to the weekly survey from the Department of Labor.
- Seasonally adjusted initial claims were 211,000, an increase of 21,000 from the previous week’s unrevised level of 190,000 and the highest since the end of December.
- Economists had projected claims would jump to 195k.
Continuing Claims. The advance number for seasonally adjusted insured unemployment during the week ending February 25 was 1.718M, an increase of 69,000 from the previous
week’s revised level.
- Economists projected claims would only rise to 1.659M.
Coast To Coast: Just two states are responsible for the jump in claims. New York reported 16k new claims and California reported 10k more. Kentucky was a distant third with 2,876.