Jobless claims suddenly spike after weeks of decline

 A Now Hiring sign hangs in front of a Winn-Dixie grocery store on December 03, 2021 in Miami, Florida.
MIAMI, FLORIDA - DECEMBER 03: A Now Hiring sign hangs in front of a Winn-Dixie grocery store on December 03, 2021 in Miami, Florida. Photo credit Joe Raedle/Getty Images

Despite weeks of declines, applications for unemployment benefits rose by 23,000 to 248,000 for the week ending Feb. 12, the U.S. Department of Labor said on Thursday.

The Labor Department added that jobless claims were revised up by 2,000 from 223,000 to 225,000 for the previous week.

The four-week average for claims dropped by 10,500 to 243,250, making it the second straight week of declines after increasing for five weeks from the end of December through January.

Seasonally adjusted insured unemployment, or the total number of people already collecting unemployment, dropped by 26,000 to 1.59 million for the week ending Feb. 5.

Employers are eager to hire workers, as there are nearly 11 million job openings throughout the country. The Labor Department reported 467,000 new job openings earlier this month, and revised up its estimate for job increases for November and December by a combined 709,000.

The unemployment rate increased slightly to 4% from 3.9% during that time.

There are now nearly 11 million available jobs, but companies are still struggling to hire workers.

Last year, employers added a record 6.4 million jobs, as the U.S. economy rose by 5.7% in 2021.

Missouri had the most new unemployment claims for the week ending Feb. 12 with 7,130. Ohio and Kentucky weren't far behind, with 5,302 and 4,535 more claims, respectively.

However, 35 states posted declines for the same period. Pennslyvania had the largest decline with 1,768 less claims, while New Jersey had 1,073 less claims, and Wisconsin had 1,032 less claims.

Featured Image Photo Credit: Joe Raedle/Getty Images