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Jobless Claims Decline as Labor Market Moves Past Omicron Disruptions
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New applications for unemployment benefits fell last week for the third week in a row, reflecting a tight labor market that appears to have moved past the temporary disruptions caused by the Omicron variant of Covid-19.
Initial jobless claims, a proxy for layoffs, fell to a seasonally adjusted 223,000 for the week ended Feb. 5, down from a revised 239,000 the week before, the Labor Department said Thursday. The four-week moving average, which smooths volatility, also fell.
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