The number of Americans seeking unemployment benefits rose slightly last week yet remained at a low level consistent with solid job growth.
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According to the Department of Labor, new claims rose by 3,000 to 267,000 in the week to 19 September, compared with analysts’ expectations for a 272,000 reading.
The USA economy now has seen about seven straight months in which weekly jobless claims have come in under 300,000. That was the fewest claims filed in a week since July 18, when the level touched a 40-year low.
The 4-week moving average for initial claims, a figure that flattens out week-to-week fluctuations in the data, came in at 271,750.
Continuing claims are reported with a one-week lag, and 24/7 Wall St. refers to this figure as the army of the unemployed.
The trend in jobless claims continues to give bullish signs on the health of the USA labor market, which is critical for the Federal Reserve’s plans to lift interest rates as soon as this year.
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Thursday’s report showed the number of continuing unemployment benefit claims – those drawn by workers for more than a week – fell by 1,000 to 2,242,000 in the week ended September 12.
