The latest reports from the US Department of Labor show that unemployment claims fell by a whopping 15.6% in February, with the total insured unemployment rate sliding down to 3.1%.
Unadjusted claims saw a total decrease in initial claims of 131,734, with the total initial claims filed resting at 710,313. Seasonal factors for the week of February 25 had predicted a modest decrease of 21,000 (-2.5%).
Adjusted claims for the week of February 20 were decreased, down to 730,000, down 111,000 from the initial projections made last week. The previous week was similarly adjusted, though only down 20,000 to 841,000.
This follows with the running downward trend of unemployment claims, as numbers continue to steadily fall from their peak in April 2020.
Pennsylvania held the highest insured unemployment rate as of February 6 (6.5%) while the largest increase in initial claims as of February 13 was Illinois, with an increase of 28,110. Extended benefits are still available in 18 states, including both Pennsylvania and Illinois.