U.S. Jobless Claims Move Higher
February 23 2017 - 9:00AM
Dow Jones News
By Jeffrey Sparshott
WASHINGTON--The number of Americans applying for unemployment
benefits rose slightly last week, though the overall level remains
consistent with a labor market that continues to add jobs.
Initial jobless claims, a proxy for layoffs across the U.S.,
climbed by 6,000 to a seasonally adjusted 244,000 in the week ended
Feb. 18, the Labor Department said Thursday.
Economists surveyed by The Wall Street Journal had expected
240,000 new claims last week. Claims for the week ended Feb. 11
were revised down to 238,000 from 239,000.
Data on unemployment applications can be volatile from week to
week. A more stable measure, the four-week moving average, fell by
4,000 last week to 241,000. That was the lowest level since July
1973.
Jobless claims have remained below 300,000 for 103 consecutive
weeks, the longest such streak since 1970--when the U.S. workforce
and population were far smaller than they are today.
Continuing unemployment claims, reflecting benefits drawn by
workers for longer than a week, decreased by 17,000 to 2.06 million
in the week ended Feb 11. Data on continuing claims are released
with a one-week lag.
The U.S. job market started 2017 on solid footing.
Nonfarm payrolls rose by a stronger-than-expected 227,000 in
January from the prior month, the Labor Department reported earlier
this month, and the unemployment rate was 4.8%.
The Labor Department's latest report on jobless claims can be
accessed at: https://www.dol.gov/ui/data.pdf
Write to Jeffrey Sparshott at jeffrey.sparshott@wsj.com.
(END) Dow Jones Newswires
February 23, 2017 08:45 ET (13:45 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.