US Jobless Claims Hold Steady as Productivity Slows

The labor market in the United States remained stable as new applications for unemployment benefits were unchanged last week. According to the Labor Department, initial claims for state unemployment benefits stood at a seasonally adjusted 213,000 for the week ended February 28, coming in slightly below the 215,000 claims anticipated by economists. This stability, coupled with a sharp decline in layoffs during February, suggests that the workforce is maintaining its footing despite previous volatility.

"There is nothing in the latest claims data to change our view that the Fed will keep policy steady until June," said Nancy Vanden Houten, lead U.S. economist at Oxford Economics.