Movements such as Ban the Box are helping ex-convicts find jobs upon their release from prison. (Photo: AP)
The Labor Department said Thursday weekly jobless claims fell to 223,000 for the week ending Feb. 25, far fewer than the median forecast expecting a rise to 245,000. That’s a decrease of 19,000 from the previous week’s downwardly revised level of 242,00 and the lowest level for initial claims since March 31, 1973 when it was 222,000.
The 4-week moving average–generally considered a better gauge–is down 6,250 to 234,250, which is a telling confirmation of labor market strength. The 4-week average is at the lowest it has been since April 14, 1973 when it was 232,750.
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No state was triggered “on” the Extended Benefits program during the week ending February 11.
The highest insured unemployment rates in the week ending February 11 were in Alaska (4.4), New Jersey (3.2), Montana (3.1), Connecticut (3.0), Pennsylvania (2.9), Rhode Island (2.8), Illinois (2.7), Massachusetts (2.7), Puerto Rico (2.7), and California (2.6).
The largest increases in initial claims for the week ending February 18 were in Michigan (+1,631), New Jersey (+1,223), Missouri (+913), Massachusetts (+662), and Connecticut (+570), while the largest decreases were in Ohio (-1,206), Texas (-811), Washington (-802), Virginia (-779), and California (-749).
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