US Job Market Shows Resilience with Drop in Jobless Claims

In a positive sign for the US economy, the number of seasonally adjusted initial jobless claims fell by 7,000 to 213,000 for the week ending February 8. This decline, reported by the Department of Labor on Thursday, slightly outperformed expectations, indicating a robust job market.

Steady Unemployment Rate Amidst Declining Claims

The 4-week moving average of initial claims also saw a decrease, dropping by 1,000 to 216,000. Meanwhile, the advance seasonally adjusted insured unemployment rate held steady at 1.2% for the week ending February 1. Additionally, the number for seasonally adjusted insured unemployment fell by 36,000 to 1,850,000, with the 4-week moving average decreasing by 750 to 1,871,500.