02/28/2025

U.S. Weekly Jobless Claims Post Largest Gain in Five Months

Claims increased 22,000 to 242,000

The number of Americans filing new applications for unemployment benefits posted the largest increase in five months last week, but the underlying trend in claims remained consistent with a steadily slowing labor market.

The significantly larger-than-expected rise in initial claims reported by the Labor Department on Thursday was likely the result of snowstorms in many parts of the country, the department claimed. The data also included the Presidents' Day holiday, which could have injected some volatility. There were no signs yet that mass layoffs of federal government employees were boosting claims, though that likely could change in the coming weeks as more workers are fired by the president's administration.

Initial claims for state unemployment benefits jumped 22,000 to a seasonally adjusted 242,000 for the week ended February 22. The increase was the biggest since last October.

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