That’s nearly 100,000 more claims than economists had predicted and the highest number in a month. it was also an increase from the week before — which was revised higher as well.
The anniversary of the benefit claims spike is only a month away. Last year, initial claims jumped to 3.3 million in the week ended March 21 before peaking at 6.9 million in the following week as the pandemic forced the US economy to shut down.
On top of regular state claims, 516,299 Americans filed for benefits through the Pandemic Unemployment Assistance program, which provides aid for people like the self-employed or gig workers. It was a sharp increase from the prior week. Added up, first-time claims actually stood at 1.4 million last week, not adjusted for seasonal swings.
Continued jobless claims, which count filings for at least two consecutive weeks, stood at 4.5 million in the week ended February…
