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Initial claims for state unemployment benefits increased 6,000
to a seasonally adjusted 265,000 for the week ended March 19,
the Labor Department said on Thursday. The prior week's claims
were revised to show 6,000 fewer applications received than
previously reported.
Economists polled by Reuters had forecast claims rising to
268,000 in the latest week. The government also revised data
going back to 2011, which showed claims trending lower than
previously reported. Claims for the week ended March 5 were the
lowest since November 1973.
A Labor Department analyst said there were no special factors
influencing last week's claims data and no states had been
estimated. Applications for jobless benefits have now been below
300,000, a threshold associated with healthy labor market
conditions, for 55 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, nudged up 250 to 259,750 last week.
The labor market resilience underscores the economy's strength,
which has helped calm concerns of a looming recession.
The claims report also showed the number of people still
receiving benefits after an initial week of aid fell 39,000 to
2.18 million in the week ended March 12.
The four-week average of the so-called continuing claims
decreased 13,500 to 2.21 million.
The continuing claims data covered the household survey week
from which March's unemployment rate will be calculated.
Continuing claims fell 34,500 between the February and March
survey periods, suggesting some improvement in the jobless rate,
which is currently at an eight-year low of 4.9 percent.
(Reporting by Lucia Mutikani; Editing by Paul Simao)
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