After a week above 200k, jobless claims fell back under that threshold, according to the weekly data from Department of Labor.
- Seasonally adjusted initial claims were 192,000 for the week ending March 11th, a decrease of 20,000 from the previous week’s revised level.
- Economists had projected a smaller drop to 205k.
Continuing Claims. Seasonally adjusted insured unemployment during the week ending March 4th were 1.684M, a decrease of 29,000 from the previous week’s revised level. Economists projected that claims would slightly rise to 1.715M.
New York, New York. The unexpected drop in claims was thanks to the empire state which reported 15,305 fewer claims from the prior week. Cali reported 2,312 fewer claims and Georgia was down 1,189.
- On the flip side, Ohio saw 2,344 more claims compared to last week.