New jobless claims tick higher in US
Print Edition
NEW claims for US unemployment insurance benefits ticked higher last week but overall the labor market has been showing improvement, official data released yesterday indicated.
Initial jobless claims, a sign of the pace of layoffs, rose by 8,000 to 285,000 in the week ending January 30, the Labor Department reported. The prior week’s level was revised to 277,000 from the prior estimate of 278,000.
The department said there were no special factors affecting the initial claims data.
Applications for jobless benefits have remained below 300,000 since late February 2015 as the jobs market tightens.
But claims have been moving slightly higher in recent weeks, a trend that analysts say may be linked to employers’ adjustments in staffing levels.
The four-week moving average, which smooths weekly volatility, rose by 2,000 to 284,750. A year ago, it was 289,000.
“The US job market is cooling but this isn’t overly concerning as it has been running red hot,” said Ryan Sweet of Moody’s Analytics.
The rise in the four-week moving average is “evidence that job growth early this year will unlikely duplicate the 284,000 average monthly gain seen in the fourth quarter of 2015,” he said.
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