Tags: labor | unemployment | claims | increase

Jobless Claims Rise, Labor Market Still Healing

Thursday, 28 March 2013 08:33 AM

The number of Americans filing new claims for unemployment benefits rose more than expected last week.

Initial claims for state unemployment benefits increased 16,000 to a seasonally adjusted 357,000, the Labor Department said.

The prior week's claims figure was revised to show 5,000 more applications than previously reported. Economists polled by Reuters had expected first-time applications last week to rise to 340,000.

Last week's report contained annual benchmark revisions to the series and the model used by the government to iron out seasonal fluctuations.

Last week's increase pushed claims above the 350,000 level for the first time since mid-February.

The four-week moving average for new claims, a better measure of labor market trends, rose 2,250 to 343,000.

Claims over the next several weeks will be watched closely for signs of layoffs related to $85 billion in government budget cuts known as the "sequester.

A Labor Department analyst said no states had been estimated and there were no special factors influencing the report.

Claims, however, could become volatile in the coming weeks because of the early timing of Easter and spring breaks, which could throw off the so-called seasonal factor.

The labor market is being closely watched by the Federal Reserve, which last week said it would maintain its monthly $85 billion purchases of mortgage and Treasury bonds to foster faster job growth.

© 2019 Thomson/Reuters. All rights reserved.

   
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The number of Americans filing new claims for unemployment benefits rose more than expected last week.
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2013-33-28
Thursday, 28 March 2013 08:33 AM
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