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Initial claims for state unemployment benefits increased 3,000
to a seasonally adjusted 213,000 for the week ended Sept. 21,
the Labor Department said on Thursday. Data for the prior week
was revised to show 2,000 more applications received than
previously reported.
Economists polled by Reuters had forecast claims increasing to
212,00 in the latest week. The Labor Department said only claims
for Puerto Rico were estimated last week.
Despite trade tensions, which have weighed on business
investment and manufacturing, layoffs remain low. That is
helping to underpin consumer spending, which is largely driving
the economy.
The four-week moving average of initial claims, considered a
better measure of labor market trends as it irons out
week-to-week volatility, fell 750 to 212,000 last week.
The number of people receiving benefits after an initial week of
aid declined 15,000 to 1.65 million for the week ended Sept. 14,
the lowest level since October 2018. The four-week moving
average of the so-called continuing claims decreased 12,750 to
1.67 million.
Continuing claims data covered the week during which households
were surveyed for September's unemployment rate. The four-week
average of claims fell 32,500 between the August and September
household survey weeks suggesting some improvement in the
jobless rate, which is currently at 3.7%.
The economy created 130,000 jobs in August. Economists say it is
unclear whether the loss of momentum in hiring is due to ebbing
demand for labor or a shortage of qualified workers.
While job growth has slowed to an average of 158,000 per month
this year from 223,000 in 2018, it remains above the roughly
100,000 per month needed to keep up with growth in the working
age population.
((Reporting by Lucia Mutikani; Editing by Andrea Ricci))
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