US weekly jobless claims fall more than expected
unemployment benefits fell more than expected last week, suggesting that the labor market remained stable in February, though turbulence lies ahead from tariffs on imports and deep government spending cuts.
Initial claims for state unemployment benefits dropped 21,000 to a seasonally adjusted 221,000 for the week ended March 1, the Labor Department said on Thursday. Economists polled by Reuters had forecast 235,000 claims for the latest week.
Applications surged in the prior week amid snowstorms in many parts of the country and difficulties adjusting the data for seasonal fluctuations around the Presidents Day holiday.
A separate unemployment compensation for federal employees (UCFE) program, which is reported with a one-week lag, showed an increase amid mass layoffs of probationary federal government workers, fired by tech billionaire Elon Musk's Department of Government Efficiency, or DOGE.
President Donald Trump has described the federal government as bloated and wasteful.
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