|
Initial claims for state unemployment benefits increased 10,000
to a seasonally adjusted 249,000 for the week ended Nov. 11, the
Labor Department said on Thursday. It was the second straight
weekly increase.
The claims backlog in Puerto Rico is being cleared as some of
the infrastructure damaged by hurricanes Irma and Maria is
restored. Data for the prior week was unrevised.
Economists polled by Reuters had forecast claims falling to
235,000 in the latest week. A labor department official said
while the backlog in Puerto Rico was being processed,
claims-taking procedures continued to be severely disrupted in
the Virgin Islands.
Last week marked the 141st straight week that claims remained
below the 300,000 threshold, which is associated with a strong
labor market. That is the longest such stretch since 1970, when
the labor market was smaller.
The labor market is near full employment, with the jobless rate
at a 17-year low of 4.1 percent. The four-week moving average of
initial claims, considered a better measure of labor market
trends as it irons out week-to-week volatility, rose 6,500 to
237,750 last week.
The low level of claims suggests strong job growth despite
hurricane-related disruptions in September. Employment gains
could, however, slow as companies struggle to find qualified
workers, which economists expect will boost sluggish wage
growth.
The claims report also showed the number of people still
receiving benefits after an initial week of aid dropped 44,000
to 1.86 million in the week ended Nov. 4, the lowest level since
December 1973.
The four-week moving average of the so-called continuing claims
fell 9,000 to 1.89 million, the lowest reading since January
1974.
((Reporting By Lucia Mutikani; Editing by Andrea Ricci))
[© 2017 Thomson Reuters. All rights
reserved.] Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
