The U.S. Department of Labor reports an increase in unemployment benefits claims last week.
In the week ending February 12, the advance figure for seasonally adjusted initial claims was 248,000, an increase of 23,000 from the previous week’s revised level. The previous week’s level was revised up by 2,000 from 223,000 to 225,000. The 4-week moving average was 243,250, a decrease of 10,500 from the previous week’s revised average. The previous week’s average was revised up by 500 from 253,250 to 253,750.
The advance seasonally adjusted insured unemployment rate was 1.2 percent for the week ending February 5, unchanged from the previous week’s unrevised rate.
We’ll just point out that on February 1 the federal government reported that the nation had nearly 11 million unfilled jobs at year’s end.
The number of job openings was little changed at 10.9 million on the last business day of December, the U.S. Bureau of Labor Statistics reported today. Hires and total separations decreased to 6.3 million and 5.9 million, respectively. Within separations, the quits rate was little changed at 2.9 percent. The layoffs and discharges rate was little changed at 0.8 percent, a series low.
The labor shortage and great resignation continues.