US Initial Claims Rise More than Expected; Layoffs Over Jan-Feb Hit Highest Since 2009

The Labor Department released a report on Thursday showing first-time claims for U.S. employment benefits rose by more than expected in the week ended March 4^th.

The report revealed initial jobless claims climbed to 211,000, an increase of 21,000 from the previous week’s unrevised level of 190,000. Economics had expected jobless claims to inch up to 195,000.

The Labor Department also said the less volatile four-week moving average crept up to 197,000, an increase of 4,000 from the previous week’s unrevised average of 193,000.

US Job Cuts over Jan-Feb Hit Highest Since 2009 – Challenger Report

Layoffs by U.S. companies over January and February touched the highest since 2009, with the tech sector accounting for more than a third of the over 180,000 job cuts announced, a report showed on Thursday.

In February alone, layoffs in the United States stood at 77,770, more than five times higher than the 15,245 job cuts announced a year earlier, according to the report from employment firm Challenger, Gray & Christmas Inc.

“Right now, the overwhelming bulk of cuts are occurring in Technology. Retail and Financial are also cutting right now, as consumer spending matches economic conditions,” said Andrew Challenger, senior vice president of the firm.