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Initial claims for state unemployment benefits
increased 11,000 to a seasonally adjusted 278,000 for the week
ended Jan. 31, the Labor Department said on Thursday.
The increase left intact the bulk of the prior week's huge
decline, which had taken claims to their lowest level since
April 2000. Claims for the week ended Jan. 24 were revised to
show 2,000 more applications received than previously reported.
Economists had forecast claims rising to 290,000 last week.
Claims have been volatile in recent months because of
difficulties adjusting the data for seasonal variations. Still,
they have continued to point to a firming labor market.
The four-week moving average of claims, considered a better
measure of labor market trends as it irons out week-to-week
volatility, fell 6,500 to 292,750 last week.
Last week's data has no bearing on Friday's employment report
for January as it falls outside the survey period.
Nonfarm payrolls likely increased 234,000 after rising 252,000
in December, according to a Reuters survey of economists, which
would be the longest stretch of job gains above 200,000 since
1994.
The claims report showed the number of people still receiving
benefits after an initial week of aid edged up 6,000 to 2.40
million in the week ended Jan. 24.
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