US initial jobless claims fall as layoffs remain low

Fewer Americans applied for unemployment benefits last week reflecting a low number of layoffs across the economy.

Jobless claims fell by 18,000 to 215,000 for the week ending Feb. 26, from 233,000 the previous week, the Labor Department reports this morning.

The four-week average for claims, which compensates for weekly volatility, fell by 6,000 to 230,500.

In total, 1,476,000 Americans were collecting jobless aid the week that ended Feb. 12, a small uptick of 2,000 from the previous week’s revised number, which was its lowest level since March 14, 1970.

First-time applications for jobless aid generally track the pace of layoffs, which are back down to fairly healthy pre-pandemic levels. Read the full story.