Applications for U.S. state unemployment benefits fell by more than forecast last week, signaling that job cuts are starting to ebb as Covid-19 infections decline and vaccinations accelerate. Initial jobless claims in regular state programs decreased by 111,000 to 730,000 in the week ended Feb. 20, Labor Department data showed Thursday. On an unadjusted basis, claims fell by 131,734 to 710,313. Continuing claims -- an approximation of the number of people filing for ongoing state benefits -- declined by 101,000 to 4.42 million in the week ended Feb. 13. The figures, while still better than claims data during the darkest days of the 2008 recession, indicate that pandemic job cuts may be starting to slow.

Source: Mint February 25, 2021 14:03 UTC