The number of Americans asking for unemployment benefits rose last week to a level that is compatible with the continuous improvement of the market population.
While jobless claims rose unexpectedly 00-278000 in the week ended Feb. 27, the four-week average fell to the lowest level since late November, figures from the Department work showed Thursday.
Firings were to dim levels for a year that employers retain workers to meet growing demand, a trend that payroll report should highlight in February. Strides in hiring, as well as the cheap fuel and growing firmer wages give consumers the means to stimulate spending.
"claims just do not point to a deterioration in the labor market," Aneta Markowska, chief economist of the US Societe Generale in New York, said before the report. "Employment opportunities are still very high. There is continued progress."
A separate report showed productivity fell less than expected in the fourth quarter. The measure of output per hour worked fell at an annualized rate of 2.2 percent compared to a decrease of 3 percent initially reported. Labor costs rose 3.3 percent, revised down from a gain of 4.5 percent.
The median forecast in a Bloomberg survey called for 270,000 claims last week, with estimates ranging from 260,000 to 282,000.
Although there is nothing unusual in the figures, jobless claims were estimated for Oklahoma, the Labor Department said.
average four-week moving, which mitigates week to week fluctuations, fell to 270,250 from 272,000.
Benefit Rolls
the number of people continuing to receive unemployment benefits rose to 2.26 million for 3000 the week ending February 20. the unemployment rate among people eligible for benefits held at 1.7 percent. These data are reported with a lag of one week.
For a full year now, applications have been below the level that economists say is generally consistent with an improving job market 300,000.
The national payrolls report due Friday of the Ministry of Labour, may show employers added nearly 0,000 workers in February after a gain of 151,000 in January, according to the median forecast in a Bloomberg survey. The unemployment rate probably held at a low level in eight years by 4.9 percent.
Initial jobless claims reflect weekly firings them, and a low level supported applications has generally coincided with faster job gains. Layoffs can also reflect Company- causes or specific to industry, such as cost reduction or restructuring of the company, rather than trends in the underlying labor market.
Bloomberg
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