Initial jobless claims unexpectedly fell for the second straight week, accordioning to the latest data from the Department of Labor.
- Seasonally adjusted initial claims were 220,000 for the week ending March 8th, a decrease of 2,000 from the previous week’s revised level and back to the same level as mid-February.
Continuing Claims: Seasonally adjusted insured unemployment during the week ending March 1 was 1,870,000, a decrease of 27,000 from the previous week’s unrevised level but still the second highest level in the last five weeks.
Bottom Line: Jobless claims remain steady, reflecting ongoing labor market resilience despite broader economic uncertainty that has weighed on equity markets and other sectors.