14th February, 2020
A report released by the U.S. Bureau of Labor Statistics on Thursday revealed that the number of initial jobless claims in the United States had risen to 205,000.
According to the report, the number of people filing for U.S. unemployment benefits increased by 2,000 to 205,000 from the previous week’s revised figure in the week ending February 8.
Meanwhile, the previous week’s level was revised up by 1,000 from 202,000 to 203,000, the bureau noted.
The report also showed that the four-week moving average of initial claims, a method to iron out data volatility, remained flat at 212,000.
The previous week’s average was revised up by 250 from 211,750 to 212,000, said the bureau.
As an important leading indicator to reflect unemployment status in the United States, a lower reading in jobless claims indicates lower overall layoffs.
The reading of jobless claims remained below the 300,000 threshold, signaling a tight labor market in the United States.
On February 7, the Bureau, according to Xinhua, reported that for the bigger picture of U.S. labor market, U.S. employers added 225,000 jobs in January, and the unemployment rate edged up to 3.6 percent.