U.S. jobless claims rise to highest level since February

Thu Jul 9, 2015 9:23am EDT
 
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By Elvina Nawaguna

WASHINGTON (Reuters) - New applications for U.S. unemployment insurance benefits rose last week to their highest level since February, suggesting some slowdown in the labor market recovery.

Initial claims for state unemployment benefits rose 15,000 to a seasonally adjusted 297,000 for the week that ended July 4, the U.S. Department of Labor said on Thursday.

Even with the rise in claims, the latest report marks the 18th consecutive week of new filings below 300,000, which is considered consistent with a firming labor market.

The previous week's claims were revised to 282,000, showing that 1,000 more people filed than initially reported.

Economists polled by Reuters had expected new applications to fall to 275,000 last week.

The four-week moving average of claims, which smoothes out week-to-week fluctuations and is therefore considered a better gauge of the labor market, rose 4,500 to 279,500 last week.

U.S. Treasuries erased some losses after the data, while the dollar trimmed gains against the euro and the yen. Stock index futures were unchanged.

The claims report covered the period which included the U.S. Independence Day holiday, but a Labor Department analyst said there was nothing unusual in the state level data last week. He did note that claims data tends to be volatile in July because of retooling by auto plants during that period.   Continued...

 
Job seekers listen to prospective employers during a job hiring event for marketing, sales and retail positions in San Francisco, California, in this file photo taken June 4, 2015.  REUTERS/Robert Galbraith/Files