U.S. Initial Jobless Claims Decrease by 22,000 to 344,000 Last Week

The number of individuals seeking unemployment assistance in the United States decreased more than anticipated last week, approaching a five-year low, according to official data released on Thursday.

The U.S. Department of Labor reported that initial jobless claims for the week ending February 24 fell by 22,000, reaching a seasonally adjusted total of 344,000. This was significantly lower than expectations of a decrease of 6,000 to 360,000.

Revisions were made to the previous week’s jobless claims, which were adjusted upwards to 366,000 from an earlier estimate of 362,000.

Continuing jobless claims for the week ending February 16 also saw a decline, falling to 3.047 million. Analysts had anticipated continuing claims to drop to 3.160 million, down from last week’s revised figure of 3.165 million.

The four-week moving average stood at 355,000, reflecting a decrease of 6,750 from the previous week’s revised average of 361,750. This monthly average is considered a more reliable indicator of labor market trends as it smooths out fluctuations in weekly data.

Following the announcement of these figures, the U.S. dollar maintained its strength against the euro, slightly dipping 0.07% to trade at 1.3127.

In the stock market, U.S. index futures retained their upward trajectory. The futures for the Dow Jones Industrial Average suggested a flat opening, while S&P 500 futures indicated a 0.1% gain and Nasdaq 100 futures pointed towards a similar advance.