Further indications of labor market stabilization came from the largest decline in US unemployment benefit applications since November.
The Labor Department said Thursday that initial claims fell 23,000 to 206,000 in the week ending February 14. In a Bloomberg survey, that was less than all but one estimate.
Only a few times in the last year have fresh applications dropped below the 210,000 threshold. The volume of weekly filings indicates that layoffs are still generally minimal. According to the data, people have resumed their employment after being temporarily unable to work because of a major winter storm that hit the nation in late January.
But ongoing claims, which are a good indicator of how many individuals are getting benefits, increased to 1.87 million last week, the most since the beginning of January.
Last week, the four-week moving average of new applications, a measure that reduces volatility, was relatively stable at 219,000.
Initial claims decreased significantly before accounting for seasonal variations. Texas, Pennsylvania, and New York suffered the largest declines. The US trade deficit increased in December, according to separate statistics released Thursday, capping a year characterized by unpredictable tariff policy.
