Initial claims for state unemployment rose 36,000 in the Feb. 21 Presidents Day holiday week to 667,000, a level unmatched in more than 26 years, the Labor Department reported yesterday.
The Feb. 21 level was the highest since the Oct. 2, 1982, level of 695,000 and came above analysts’ median expectation.
The four-week moving average for initial claims in the Feb. 21 week rose 19,000 to 639,000, the highest since the week ended Oct. 30, 1982, when it was 641,750.
Seasonal adjustment factors had expected a 7.9% decline or about 49,000 in unadjusted claims, while the actual figure was a decrease of 2.8% or 17,221 to a level of 602,730, the Labor Department said. Unadjusted initial claims were at 329,925 a year ago.
In the Feb. 14 week, continuing claims rose above the five million mark for the first time ever, as they increased 114,000 to 5.112 million, the highest level on record.
— Market News International
