Jobless claims data points to strong labor market

Thu Jun 5, 2014 3:34pm EDT
 
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By Lucia Mutikani

WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits rose last week, but the underlying trend continued to point to a firming labor market.

Initial claims for state unemployment benefits increased 8,000 to a seasonally adjusted 312,000 for the week ended May 31, the Labor Department said on Thursday.

Economists polled by Reuters had forecast first-time applications for jobless aid rising to 310,000 last week.

While jobless claims have been choppy in recent weeks because of problems seasonally adjusting the data around moving holidays such as Easter and Passover, they have continued to suggest the jobs market was strengthening.

A Labor Department analyst said there were no special factors influencing the state level data.

The four-week moving average for new claims, considered a better measure of underlying labor market conditions as it irons out week-to-week volatility, fell 2,250 to 310,250, the lowest level since June 2007.

Last week's data has no impact on the government's closely followed employment report for May, which will be released on Friday, as it falls outside the survey period.

Nonfarm payrolls are expected to have increased 218,000, slowing from April's outsized 288,000 gain, according to a Reuters survey of economists.   Continued...

 
Job seekers attend a large career fair at Rutgers University in New Brunswick, New Jersey, January 6, 2011.    REUTERS/Mike Segar