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Initial claims for state unemployment benefits increased 7,000
to a seasonally adjusted 265,000 for the week ended March 12,
the Labor Department said on Thursday. The prior week's claims
were revised to show 1,000 fewer applications received than
previously reported.
Economists polled by Reuters had forecast claims rising to
268,000 in the latest week. A Labor Department analyst said
there were no special factors influencing last week's claims
data and no states had been estimated.
Claims have now been below 300,000, a threshold associated with
healthy labor market conditions, for 54 weeks, the longest
stretch since 1973.
The four-week moving average of claims, considered a better
measure of labor market trends as it irons out week-to-week
volatility, edged up 750 to 268,000 last week.
The claims data covered the survey period for March nonfarm
payrolls. The four-week average of claims fell 5,250 between the
February and March survey periods, suggesting further payrolls
gains. The labor market added 242,000 jobs in February.
Labor market resilience has helped to ease fears the economy is
heading into recession, which triggered a recent sharp stock
market sell-off and subsequent tightening in financial market
conditions. That could keep the Federal Reserve on course to
gradually raise interest rates this year.
The claims report also showed the number of people still
receiving benefits after an initial week of aid rose 8,000 to
2.24 million in the week ended March 5. The four-week average of
the so-called continuing claims fell 9,250 to 2.24 million.
(Reporting by Lucia Mutikani; Editing by Paul Simao)
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