New filings for unemployment benefits rose more than expected in late January, though overall levels continue to signal a resilient U.S. labor market.
By yourNEWS Media Newsroom
The number of Americans filing new claims for unemployment benefits jumped by the most in two months last week, though overall filings remain within the historically low range seen over the past several years, according to data released Thursday by the U.S. Department of Labor.
Applications for jobless aid for the week ending Jan. 31 increased by 22,000 to 231,000 from the prior week, the department said. The total exceeded expectations, as analysts surveyed by FactSet had forecast 211,000 new claims.
Weekly unemployment claims are closely watched as a near real-time measure of layoffs and an early indicator of shifts in labor market conditions. Despite the increase, the latest figure remains consistent with a labor market that continues to show underlying strength.
The four-week moving average of initial claims, which smooths out short-term volatility, rose by 6,000 to 212,250.
Continuing claims, which track the total number of people receiving unemployment benefits, also increased. For the week ending Jan. 24, the number of Americans collecting jobless aid climbed by 25,000 to 1.84 million, according to the government’s report.
Economists generally view the current level of claims as consistent with low levels of layoffs nationwide, even as hiring slows from the rapid pace seen earlier in the post-pandemic recovery.
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