The number of people applying for jobless benefits in the U.S. slipped downward last week, the fifth consecutive week in which new claims have come in below 200,000.
The Labor Department said initial claims for state unemployment benefits dipped by 1,000 to 194,000 in the week ended February 4th. Economists had expected claims would rise to 200,000.
The prior week’s estimate was revised down by 1,000 to 195,000.
Claims, which are a proxy for layoffs, can be volatile so economists often look at the four-week average to determine the underlying trend. This moved up to 189,500, a low figure. The prior moving average was revised down by 25,000 to 189,000.
Continuing claims get reported with a one-week delay. This rose by 16,000 to 1,696,000. The previous week’s continuing claims figure was revised down by 8,000. The four-week moving average of continuing claims…
