Weekly US initial jobless claims for the week ending Feb 24
- Prior claims were 222K, but revised down to 220K
- This is the lowest level for initial claims since December 6, 1969 when it
- The continuing claims 1931K vs 1925K
- The 4-week average fell to 220.5K vs 225.50. This is the lowest level for this
average since December 27, 1969 when it was 219,750.
- Claims in Puerto Rico and the Virgin Islands have still not returned to normal
- The largest increases in initial claims for the week ending February 17 were in Puerto Rico (+496), New Jersey (+333),
Rhode Island (+95), Arkansas (+87), and Alabama (+59),
- The largest decreases were in Michigan (-4,820), Illinois
(-2,031), New York (-998), California (-924), and Washington (-913)
The data continues to show the jobs market is roaring. That should lead to higher wages. Powell cannot ignore that dynamic.