WASHINGTON (MarketWatch) - The number of people who filed new applications
for U.S. unemployment benefits climbed 38,000 to a seasonally adjusted 368,000
in the week ended Jan. 26, putting them at a one-month high, according to Labor
Department data released Thursday. Economists surveyed by MarketWatch expected
claims to climb to 355,000. Initial claims have returned to a level that
prevailed through the later stages of 2012 after touching a five-year low
earlier this month. Claims are often extremely jumpy in January after the end of
the holidays and the start of a new year. Companies let go of temporary hires
and some people wait until after the holidays to file claims. Initial claims
from two weeks ago were unrevised at 330,000. The average of new claims over the
past month, meanwhile, edged up by 250 to 352,000. The four-week average reduces
seasonal volatility in the weekly data and is seen as a more accurate barometer
of labor-market trends. Also, Labor said continuing claims increased by 22,000
to a seasonally adjusted 3.2 million in the week ended Jan. 19. Continuing
claims reflect the number of people already receiving benefits. About 5.9
million people received some kind of state or federal benefit in the week ended
Jan. 12, up 255,501 from the prior week. Total claims are reported with a
two-week lag.
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