US initial jobless claims fall sharply in second straight week

Applications for jobless benefits in the U.S. fell more than expected for the week ended Feb. 5, marking a drop for the second consecutive week.

Initial jobless claims in the U.S. decreased by 36,000 to 383,000 compared with the revised figure of 419,000 in the previous week, the Labor Department said on Thursday.

Also, the seasonally adjusted four-week moving average of initial claims, considered as a more accurate measure of employment trends than the weekly number, decreased by 16,000 to 415,500.

However, the unemployment rate among people eligible for benefits remained unchanged at 3.1 percent for the week ending Jan. 29.

While California witnessed the largest increase in claims with 12,274 people filing for employment benefits, North Carolina saw the largest drop in claims at 13,775.

Overall, the number of people receiving jobless allowance from state and federal governments stood at 9.4 million in the week ended Jan. 22, up 106,255 from the prior week.