Feb. 12 Unemployment Insurance Weekly Claims Report sees increase 14% above expectations

Reversing the recent downward trend jobless claims had been on for a few weeks, the advance figure for seasonally adjusted initial claims was 248,000, an increase of 23,000 from the previous week’s revised level, according to the Labor Department. The Feb. 12 week-ending figure was higher than analysts’ expectations.

The previous week’s level was revised up by 2,000 from 223,000 to 225,000. The 4-week moving average was 243,250, a decrease of 10,500 from the previous week’s revised average. In addition, the previous week’s average was revised up by 500 to 253,750 from 253,250.

Economists surveyed by Bloomberg called for 218,000 expected applications for the week.

Jeanniey Walden, CMO of DailyPay, told GOBankingRates that in a sign the post-Omicron rebound may be fading, jobless claims unexpectedly rose to 248,000, 14% above consensus estimates.

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