Unemployment Filings Rise in Oklahoma and Other States, Signaling Growing Economic Concerns

Oklahoma had the highest increase in unemployment filings at 1,802 claims for the week ending February 17. Other states with large increases were Ohio (915 claims), Tennessee (490 claims), Iowa (387 claims), and Washington DC (198 claims).

Overall US jobless claims rose to 215,000 for the week ending February 24, exceeding economist expectations of 210,000. This marks an uptick in Americans seeking unemployment benefits.

Continued jobless claims came in at 1.905 million, also exceeding expectations of 1.874 million. This surprised economists as it was the second highest level since late 2021.

The unemployment rate remained low at 3.7% in January, but labor force participation has declined since last summer, suggesting some slack in the strong labor market.

Economists believe the Fed will hold off on rate cuts for now to avoid reigniting inflation, even with some economic weakness, as long as jobs and economy remain relatively strong.