Jobless claims fell by 21,000 to 221,000 in the week to March 1, down from a three-month high in late February. The jobs data suggests the labor market remains strong and stable despite handwringing from political establishment figures who contend that federal worker layoffs could drive unemployment rates significantly higher.
In reality, federal workers comprise less than one percent of all American employees, excluding the U.S. Post Office. The layoffs initiated by President Donald J. Trump have only seen a fraction of federal workers actually dismissed. According to a separate measure that monitors federal employment, the final week of February saw 1,634 government workers file for unemployment, compared to 614 claims filed the week prior.
Notably, the weekly jobless claims numbers are used as a proxy for determining the rate of layoffs in the United States. The data from the end of February indicates that the U.S. labor market and economy remain strong.
According to a Reuters survey of economists, the overall unemployment rate is expected to remain unchanged at four percent despite recent corporate media claims that the economy is slowing. The federal government’s Bureau of Labor Statistics (BLS) will release its February data on Friday, and it is forecasted that the economy added around 160,000 jobs last month, up from the 143,000 jobs added in January.
