The number of people filing initial claims for state unemployment benefits dropped by 1,621 for the week ended Feb. 20, the U.S. Labor Department reported Thursday. The total of 15,111 filings continued a significant slowdown in new claims since the beginning of 2010, although Michigan still has the sixth highest rate of unemployed persons receiving insurance benefits nationwide, at 5.9%. The total number of claimants is nearly 3.9 million.
For the United States as a whole, initial claims of unemployment took a surprise jump of approximately 22,000, to 496,000. The U.S. insured unemployment rate stands at 3.5%. The four-week moving average of jobless claims, which smooths out weekly volatility, increased 6,000 to 473,750.
New numbers on state and national unemployment rates will be released by the Labor Department on March 5. Analysts will be closely watching the data as Congress advances work on various job creation measures and economic stimulus funds currently being considered.
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