US Jobless Claims Edge Lower as Winter Storm Effects Linger

Fallout from the severe winter storm continues to show up in employment data, with initial jobless claims remaining elevated last week. The number of Americans filing applications for first-time unemployment benefits dropped by 5,000 to 227,000 for the week ending Feb. 7, according to new Department of Labor data released on Feb. 12. This is down from the previous week’s upwardly revised 232,000 and higher than the consensus forecast of 222,000. Last week, weekly claims increased to a two-month high after arctic temperatures and heavy snowfall blanketed multiple parts of the country. The storm impacted businesses and employment agencies, leading to a temporary spike in unemployment filings that could remain elevated for the next couple of weeks. The increase in applications has been most pronounced in areas heavily affected by the storm, particularly the Northeast and Midwest....