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Initial claims for state unemployment benefits increased 7,000
to a seasonally adjusted 284,000 for the week ended Jan. 9, the
Labor Department said on Thursday. The prior week's claims were
unrevised.
Still, it was the 45th consecutive week that claims remained
below the 300,000 mark, which is associated with strong labor
market conditions. That is the longest such stretch since the
early 1970s.
Economists polled by Reuters had forecast claims slipping to
275,000 in the latest week. The increase likely reflects
volatility rather than a change in labor market conditions, as
the data is difficult to adjust during holidays. Claims also
tend to increase at the start of each quarter.
A Labor Department analyst said there were no special factors
influencing the data and only claims for Puerto Rico had been
estimated. The four-week moving average of claims, considered a
better measure of labor market trends as it strips out
week-to-week volatility, rose 3,000 to 278,750 last week.
The labor market has largely shrugged off weakness in the
economy, with nonfarm payrolls surging in December. Economic
growth has been hit by a strong dollar, slowing global demand,
efforts by businesses to slim an inventory bloat, and spending
cuts by energy companies.
The claims report showed the number of people still receiving
benefits after an initial week of aid rose 29,000to 2.26 million
in the week ended Jan. 2. The four-week moving average of the
so-called continuing claims increased 5,250 to 2.22 million.
(Reporting by Lucia Mutikani; Editing by Paul Simao)
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