WASHINGTON, Feb 17 (Reuters) – New U.S. claims for unemployment benefits
rose more than expected last week, according to a government report on Thursday
that still pointed at gradual labor market recovery.
Initial claims for state unemployment benefits increased 25,000 to a
seasonally adjusted 410,000, the Labor Department said, partially reversing the
prior week’s hefty decline.
Economists polled by Reuters had forecast claims rising to 400,000. The
previous week’s figure was revised slightly up to 385,000, from the previously
reported 383,000.
The claims data covers the survey period for part of the government’s
employment report for February. But the correlation between claims and nonfarm
payrolls has weakened somewhat. Claims have been hovering above the 400,000
mark, a sustained breach of which is regarded by economists as signalling
strong jobs growth.
A Labor Department official said there was nothing unusual in the
state-level data, adding that two states had been estimated.
The four-week moving average of unemployment claims — a better measure of
underlying trends – rose 1,750 to 417,750 last week.
The number of people still receiving benefits under regular state programs
after an initial week of aid edged up 1,000 to 3.91 million in the week ended
Feb. 5.
Economists had expected so-called continuing claims to rise to 3.90 million
from a previously reported 3.89 million.
The number of people on emergency unemployment benefits dropped 127,386 to
3.63 million in the week ended Jan. 29, the latest week for which data is
available. A total of 9.25 million people were claiming unemployment benefits
during that period under all programs.