By Lucia Mutikani
2026年3月5日 13:42 UTC（更新于11分钟前）
美国马萨诸塞州剑桥市Go! Go! Curry餐厅的橱窗上有一块招牌写着”我们正在招聘”，拍摄于2022年7月8日。路透社/ Brian Snyder [购买授权，新窗口打开]
- 摘要
- 每周首次申请失业救济人数持平于21.3万
- 持续申请失业救济人数增加4.6万至186.8万
- 第四季度工人生产率放缓至2.8%的增速
华盛顿，3月5日（路透社） – 上周申请美国失业救济的新申请人数未变，而2月份裁员人数大幅下降，这与稳定的劳动力市场状况一致。
劳工部周四发布的其他数据显示，第四季度工人生产率放缓，但这一趋势仍保持强劲，有助于抑制2025年劳动力成本的增长。劳动力市场的稳定以及中东战争带来的通胀风险上升，强化了经济学家的观点，即美联储并不急于恢复降息。
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牛津经济研究院首席美国经济学家南希·范登·胡滕表示：”最新的申请数据中没有任何内容改变我们的观点，即美联储将在6月前维持政策稳定。从申请数据和其他相关统计数据中得出的劳动力市场图景并非恶化。”
截至2月28日当周，州级失业救济的初始申请经季节性调整后持平于21.3万。路透社调查的经济学家此前预测最新一周的申请人数为21.5万。在经济学家所说的特朗普广泛关税政策带来的不确定性下，劳动力市场在去年受挫后正重新站稳脚跟。特朗普根据一项旨在用于国家紧急状态的法律推行了这些关税。
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进口关税随后被美国最高法院推翻。特朗普回应这一裁决，实施了10%的全球关税，后来又宣布将其提高到15%。
美国央行周三发布的褐皮书报告称，就业水平”近几周总体稳定，12个地区中有7个地区的招聘人数没有变化”。报告指出，”多个地区的受访者指出，非劳动投入成本上升、需求疲软或对整体经济状况的不确定性是就业水平持平或下降的原因。”
经济学家对劳动力市场今年将在减税刺激需求的推动下重获势头感到乐观。全球职业介绍公司Challenger, Gray & Christmas的另一项报告显示，2月份美国雇主宣布裁员48,307人，比1月减少55%，比去年同期减少72%。
招聘计划较1月激增140%，但与去年2月相比下降了63%。招聘不温不火意味着一些失业人员正经历长期失业。
截至2月21日当周，领取失业救济金超过一周的人数（作为招聘的代理指标）增加4.6万，经季节性调整后达到186.8万。
最近毕业的失业大学生未被纳入申请数据，因为他们工作经历有限或没有工作经历，不符合领取失业救济金的条件。申请数据与周五发布的2月份就业报告无关，因为它们不属于调查周。
路透社对经济学家的调查预测，2月份非农就业人数可能增加59,000人，1月增速为130,000人。失业率预计将稳定在4.3%。
美国股市开盘走低，投资者担心中东冲突可能引发通胀。美元兑一篮子货币升值。美国国债收益率上升。
初始申请失业救济和Challenger裁员
单位劳动力成本得到控制
美联储预计将在3月17-18日会议上将其基准隔夜利率维持在3.50%-3.75%的区间。
第三份报告中，美国劳工部统计局表示，衡量每位工人每小时产出的非农生产率在第四季度以2.8%的年率增长，第三季度经向上修正后为5.2%。经济学家此前预测生产率将以1.9%的速度增长。
第二季度生产率增长略有上调至4.2%，此前报告为4.1%。与去年同期相比，生产率增长2.8%。2025年生产率增长2.2%。该报告因去年政府停摆而延迟发布。
经济学家预计人工智能的快速应用将提高生产率并抑制劳动力成本。
单位劳动力成本——每单位产出的劳动力价格——上季度增长2.8%，第三季度经修正后为下降1.8%。经济学家此前预测劳动力成本将以2.0%的速度反弹，而此前报告为收缩1.9%。
它们在第二季度以未修正的2.9%的速度下降。
劳动力成本同比增长1.3%。2025年增长1.9%。
“虽然油价飙升和近期商品价格通胀迹象将导致美联储近期谨慎行事，但单位劳动力成本的低增长支持了这样一种观点，即如果油价不再大幅上涨，服务业未来将进一步实现通货紧缩，”Capital Economics北美副首席经济学家Stephen Brown表示。
报道：Lucia Mutikani；编辑：Chizu Nomiyama和Andrea Ricci
我们的标准：路透社信托原则。[新窗口打开]
US weekly jobless claims flat; worker productivity slows in fourth quarter
By Lucia Mutikani
March 5, 2026 1:42 PM UTC Updated 11 mins ago
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The Go! Go! Curry restaurant has a sign in the window reading “We Are Hiring” in Cambridge, Massachusetts, U.S., July 8, 2022. REUTERS/Brian Snyder [Purchase Licensing Rights, opens new tab]
- Weekly jobless claims unchanged at 213,000
- Continuing claims increase 46,000 to 1.868 million
- Worker productivity slows to a 2.8% rate in fourth quarter
WASHINGTON, March 5 (Reuters) – The number of Americans filing new applications for unemployment benefits was unchanged last week while layoffs dropped sharply in February, consistent with stable labor market conditions.
While other data from the Labor Department on Thursday showed worker productivity slowed in the fourth quarter, the trend remained strong, helping to curb growth in labor costs in 2025. Labor market stability and rising inflation risks from war in the Middle East reinforced economists’ views that the Federal Reserve was in no rush to resume cutting interest rates.
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“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. “The picture of the labor market gleaned from the claims data and other related statistics is not one of deterioration.”
Initial claims for state unemployment benefits were flat at a seasonally adjusted 213,000 for the week ended February 28. Economists polled by Reuters had forecast 215,000 claims for the latest week. The labor market is regaining its footing after stumbling last year amid what economists said was uncertainty stemming from President Donald Trump’s broad tariffs, which he pursued under a law meant for use in national emergencies.
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The import duties have since been struck down by the U.S. Supreme Court. Trump responded to the ruling by imposing a 10% global tariff and later announced it would rise to 15%.
The U.S. central bank’s Beige Book report on Wednesday described employment levels as “generally stable in recent weeks as seven of the 12 districts reported no change in hiring.” The report noted that “contacts in several districts cited rising nonlabor input costs, softer demand, or uncertainty about overall economic conditions as reasons for flat or lower employment levels.”
Economists are optimistic that the labor market will regain momentum this year as tax cuts stimulate demand. A separate report from global outplacement firm Challenger, Gray & Christmas showed U.S.-based employers announced 48,307 job cuts in February, down 55% from January and 72% from a year ago.
Hiring plans soared 140% from January, but they were down 63% compared to last February. Tepid hiring means some people who lose their jobs are experiencing long bouts of unemployment.
The number of people receiving unemployment benefits after an initial week of aid, a proxy for hiring, increased 46,000 to a seasonally adjusted 1.868 million during the week ended February 21, the claims report showed.
Unemployed recent college graduates are not included in the claims data because they have limited or no work history, disqualifying them from claiming jobless benefits. The claims data have no bearing on February’s employment report due on Friday as they fall outside the survey week.
Nonfarm payrolls likely increased by 59,000 jobs in February after accelerating 130,000 in January, a Reuters survey of economists predicted. The unemployment rate is expected to have held steady at 4.3%.
U.S. stocks opened lower as investors worried the Middle East conflict could stoke inflation. The dollar advanced against a basket of currencies. U.S. Treasury yields rose.
Initial jobless claims and Challenger layoffs
UNIT LABOR COSTS CONTAINED
The Fed is expected to keep its benchmark overnight interest rate in the 3.50%-3.75% range at its March 17-18 meeting.
In a third report, the Labor Department’s Bureau of Labor Statistics said nonfarm productivity, which measures hourly output per worker, increased at a 2.8% annualized rate in the fourth quarter after rising at an upwardly revised 5.2% pace in the third quarter. Economists had forecast productivity increasing at a 1.9% rate after advancing at a previously reported 4.9% pace in the July-September quarter.
Productivity growth in the second quarter was slightly revised up to a 4.2% rate from the previously reported 4.1% pace. Productivity grew at a 2.8% rate from a year ago. It increased 2.2% in 2025. The report was delayed by last year’s government shutdown.
Economists expect the rapid adoption of artificial intelligence will boost productivity and rein in labor costs.
Labor costs and productivity
Unit labor costs – the price of labor per single unit of output – increased at a 2.8% rate last quarter after declining at a revised 1.8% pace in the third quarter. Economists had forecast labor costs rebounding at a 2.0% pace after contracting at a previously reported 1.9% rate.
They fell at an unrevised 2.9% rate in the second quarter.
Labor costs grew at a 1.3% rate from a year ago. They increased 1.9% in 2025.
“While the spike in oil prices and recent signs of strengthening goods price inflation will lead to caution at the Fed in the near term, the low rate of unit labor costs growth lends support to the view that there is further disinflation ahead for services, provided oil prices do not rise much further,” said Stephen Brown, deputy chief North America economist at Capital Economics.
Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Andrea Ricci
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