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 Initial claims for state unemployment benefits declined 16,000 to a
seasonally adjusted 269,000 for the week ended Feb. 6, the Labor
Department said on Thursday. The prior week's claims were unrevised.
Economists polled by Reuters had forecast claims slipping to 281,000
in the latest week. The drop last week pushed down claims to near
their post-recession lows around 256,000, pointing to very low
layoffs despite an uncertain economic outlook and equities turmoil.
A Labor Department analyst said there were no special factors
influencing last week's claims data and no states had been
estimated.
Claims drifted higher at the start of the year. That had raised
concerns that the headwinds of a strong dollar, weak global demand
and spending cuts in the energy sector, which have constrained
growth, could be spilling over to the labor market.
The four-week moving average of claims, considered a bettermeasure
of labor market trends as it smoothes week-to-week volatility, fell
3,500 to 281,250 last week.
Claims have now been below the 300,000 threshold, which is
associated with strong labor market conditions, for 49 straight
weeks - the longest spell since the early 1970s.
Federal Reserve Chair Janet Yellen on Wednesday highlighted the
labor market strength, but told lawmakers that tightening financial
market conditions and uncertainty over China posed risks to the
domestic economy.
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The government reported last week that nonfarm payrolls increased
151,000 in January, while the unemployment rate fell below 5 percent
for the first time in eight years.
A report on Tuesday showed Americans growing more confident in the
labor market, with the number of people voluntarily quitting their
jobs hitting a nine-year high in December.
The claims report showed the number of people still receiving
benefits after an initial week of aid fell 21,000 to 2.24 million in
the week ended Jan. 30. The four-week average of the so-called
continuing claims slipped 6,250 to 2.25 million.
(Reporting By Lucia Mutikani; Editing by Andrea Ricci)
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