Last week’s claims included the Presidents Day holiday, which could have affected the data. Still, the level of claims suggested the labor market continued to stabilize after going through a weak period last year amid the uncertainty brought on by President Donald Trump’s broad tariffs.The US Supreme Court last Friday lifted the tariffs, which Trump sought under a law intended for use in national emergencies. Trump quickly imposed a global tariff of 10% for 150 days to replace some of the emergency tariffs, before raising the rate to 15% this weekend.
Economists said the latest steps created near-term uncertainty but expected minimal economic impact.
The continued uncertainty over the since-nullified tariffs was attributed to a general reluctance among companies to hire more staff. Rapid adoption of artificial intelligence also adds an extra layer of caution, economists say.
The number of people receiving unemployment benefits after an initial week of relief, a measure of hiring, fell by 31,000 to a seasonally adjusted 1.833 million in the week ended Feb. 14, the claims report showed. The so-called continuing claims covered the period when the government surveyed households for February’s unemployment rate. The unemployment rate fell from 4.4% in December to 4.3% in January. As the labor market regains its footing, consumers remain concerned about their employment prospects.
A Conference Board survey this week found that the share of consumers who view jobs as “hard to come by” rose to a five-year high in February, although households also believe job availability has improved.
The median duration of unemployment is near a four-year high, and job opportunities remain scarce for young graduates, labor market data shows.
Unemployed recent graduates do not appear in the claims data because they have limited or no work history, making them ineligible to apply for unemployment benefits.
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