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 Initial claims for state unemployment benefits increased 1,000 to a
seasonally adjusted 292,000 for the week ended March 14, the Labor
Department said on Thursday.
Claims for the prior week were revised to show 1,000 more
applications received than previously reported.
Economists polled by Reuters had forecast claims rising to 292,000
last week. A Labor Department analyst said there was nothing unusual
in the state-level data.
Claims have bounced around for much of the winter as harsh weather
either depressed or boosted filings. But through the volatility, the
trend remained consistent with a strengthening jobs market.
The four-week moving average of claims, considered a better measure
of labor market trends as it irons out week-to-week volatility, rose
2,250 to 304,750 last week.
The claims data covered the period during which the government
surveyed employers for the March nonfarm payrolls report.
The four-week moving average of claims rose 21,750 between the
February and March survey periods, suggesting payrolls could ease a
bit from last month's lofty level.
The economy added 295,000 jobs in February, with the jobless rate
falling to a more than 6-1/2-year low of 5.5 percent. February
marked the 12th straight month that employment gains have been above
200,000, the longest such run since 1994.
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The Federal Reserve on Wednesday maintained its upbeat view of the
labor market, and signaled it was nearing an interest rate increase
by dropping the reference to being "patient" from its so-called
forward guidance.
Despite the weather-related volatility in claims, job growth appears
to have been little affected by the frigid conditions which chilled
retail sales and home building last month.
Thursday's claims report showed the number of people still receiving
benefits after an initial week of aid fell 11,000 to 2.42 million in
the week ended March 7.
(Reporting by Lucia Mutikani; Editing by Paul Simao; Lucia.Mutikani@thomsonreuters.com;
1 202 898 8315; Reuters Messaging: lucia.mutikani.thomsonreuters.com@reuters.net)
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