Initial claims for state unemployment benefits decreased 3,000 to a seasonally adjusted 192,000 for the week ended Feb. 18, the Labor Department said. Economists polled by Reuters had forecast 200,000 claims for the latest week.
Claims have been hemmed in a tight 183,000-206,000 range this year, and run consistently low despite high-profile layoffs in the technology sector and interest-rate sensitive industries, which economists and policymakers have argued were not representative of the overall economy.Jan. 31-Feb.
The so-called continuing claims, a proxy for hiring, dropped 37,000 to 1.654 million during the week ending Feb. 11, the claims report also showed. Though continuing claims remain elevated, they are below levels seen before the pandemic. The revisions to prices were led by used and new motor vehicles, and fees for nonprofit hospital services. They also reflected revisions to the Labor Department's Bureau of Labor Statistics' consumer and producer price data published this month. The upgrades point to higher January PCE price index readings.
Wages and salaries are now estimated to have increased $303.0 billion in the July-September quarter, an upward revision of $115.2 billion. The upward revisions to income in the last quarters meant Americans saved more than previously reported. The saving rate was raised to 3.2% in third quarter from 2.7%. It was boosted by 0.5 percentage point to 3.9% in the fourth quarter.
BIDENFLATION