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)

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