In the week ending January 31, initial claims for unemployment insurance was 278,000, an increase of 11,000 from the previous week's upwardly revised level of 267,000 (from 265,000). The four-week moving average, a less volatile gauge of underlying labor market conditions, declined to 293,000 from the previous week's revised level of 299,000. Claims remain near historic lows and continue to point to a strengthening labor market.
