Tag Archives: Jobless

U.S. weekly jobless claims rise; layoffs fall in February

Hundreds of job seekers wait in line with their resumes to talk to recruiters at the Colorado Hospital Association health care career fair in Denver April 9, 2013. REUTERS/Rick Wilking

By Lucia Mutikani

WASHINGTON (Reuters) – The number of Americans filing for unemployment benefits last week rebounded from a near 44-year low, but the labor market continues to tighten amid a sharp drop in job cuts in February.

Initial claims for state unemployment benefits rose 20,000 to a seasonally adjusted 243,000 for the week ended March 4, the Labor Department said on Thursday. Claims for the prior week were unrevised at 223,000, the lowest level since March 1973.

It was the 105th straight week that claims remained below 300,000, a threshold associated with a healthy labor market.

That is the longest stretch since 1970, when the labor market was much smaller.

Economists polled by Reuters had forecast new claims for unemployment benefits rising to 235,000 in the latest week. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose 2,250 to 236,500 last week.

In a separate report, global outplacement firm Challenger, Gray & Christmas said U.S.-based employers announced 36,957 job cuts in February, down 19 percent from January. The retail sector continued to dominate layoffs last month as it shifts toward online and scales back on brick-and-mortar operations.

JC Penney <JCP.N> topped the list, announcing 5,500 job cuts as a result of 140 store closures.

U.S. Treasuries were little changed on the data. The dollar fell to a session low against a basket of currencies as the European Central Bank pledged to keep its aggressive stimulus policy at least until the end of the year.

NEAR FULL EMPLOYMENT

The labor market is at or close to full employment, with employers increasingly reporting difficulties finding qualified workers for open job positions. Labor market tightness together with firming inflation could allow the Federal Reserve to raise interest rates as early as next week.

Fed Chair Janet Yellen signaled last week that the U.S. central bank would likely raise rates at its March 14-15 policy meeting. The Fed raised its benchmark overnight rate in December and has forecast three rate increases for 2017.

The labor market strength comes despite the economy showing signs of fatigue early in the first quarter. Data on trade, consumer, business and construction spending were soft in January, leaving the Atlanta Fed forecasting GDP increasing at a 1.2 percent rate in the first quarter.

The economy grew at a 1.9 percent annualized rate in the fourth quarter, slowing from the third quarter’s brisk 3.5 percent pace.

The claims report has no bearing on February’s employment report, which is scheduled for release on Friday, as it falls outside the survey period. First-time applications for jobless benefits declined in February, suggesting another month of strong employment growth.

According to a Reuters survey of economists, nonfarm payrolls probably increased by 190,000 jobs last month after surging 227,000 in January. The unemployment rate is forecast falling one-tenth of a percentage point to 4.7 percent.

But payrolls could surprise on the upside after a report on Wednesday showed private sector employers hired 298,000 workers in February, the largest amount in a year.

In another report on Thursday, the Labor Department said import prices rose 0.2 percent last month after advancing 0.6 percent in January. It was the third straight monthly increase.

In the 12 months through February, import prices accelerated 4.6 percent, the largest gain since February 2012, after rising 3.8 percent in January.

Import prices excluding fuels rose 0.3 percent, the first increase since July, after slipping 0.1 percent in January.

(Reporting by Lucia Mutikani; Editing by Andrea Ricci)

Jobless claims up, four-week average lowest since 1973

FILE PHOTO: Job seekers apply for the 300 available positions at a new Target retail store in San Francisco, California August 9, 2012. REUTERS/Robert Galbraith/File Photo

WASHINGTON (Reuters) – The number of Americans filing for unemployment benefits rose slightly more than expected last week, but the four-week average of claims fell to its lowest level since 1973, pointing to strengthening labor market conditions.

Initial claims for state unemployment benefits increased 6,000 to a seasonally adjusted 244,000 for the week ended Feb. 18, the Labor Department said on Thursday. Data for the prior week was revised to show 1,000 fewer applications received than previously reported.

It was the 103th straight week that claims remained below 300,000, a threshold associated with a healthy labor market. That is the longest stretch since 1970, when the labor market was much smaller. The labor market is at or close to full employment, with the unemployment rate at 4.8 percent.

Economists polled by Reuters had forecast new claims for unemployment benefits rising to 241,000 in the latest week.

The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 4,000 to 241,000 last week, the lowest reading since July 1973.

U.S. financial markets were little moved by the data.

Minutes of the Federal Reserve’s Jan. 31-Feb monetary policy meeting published on Wednesday showed that many policymakers believed another interest rate hike might be appropriate “fairly soon” if labor market and inflation data meet or beat expectations.

The U.S. central bank raised its benchmark overnight interest rate last December. It has forecast three rate increases this year.

A Labor Department analyst said there were no special factors influencing last week’s claims data. Claims for Wyoming, Virginia and Hawaii were estimated.

Last week’s claims report covered the survey period for the Labor Department’s nonfarm payrolls data for February. The four-week average of claims fell 6,500 between the January and February payrolls survey weeks. This suggests another month of strong job gains after payrolls increased 227,000 in January.

Thursday’s claims report also showed the number of people still receiving benefits after an initial week of aid fell 17,000 to 2.06 million in the week ended Feb. 11. The four-week average of the so-called continuing claims declined 10,750 to 2.07 million.

(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)

U.S. weekly jobless claims rise less than expected

leaflet at job fair

WASHINGTON – The number of Americans filing for unemployment benefits increased less than expected last week, a sign that the labor market was continuing to tighten.

Initial claims for state unemployment benefits rose 5,000 to a seasonally adjusted 239,000 for the week ended Feb. 11, the Labor Department said on Thursday.

Data for the prior week was unrevised.

Claims have been below 300,000, a threshold associated with a strong labor market, for 102 consecutive weeks.

That is the longest stretch since 1970, when the labor market was much smaller.

The labor market is at or close to full employment, with the unemployment rate at 4.8 percent.

Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 245,000 in the latest week.

A Labor Department analyst said there were no special factors influencing last week’s data and no states had been estimated.

The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, edged up 500 to 245,250 last week.

The claims report also showed the number of people still receiving benefits after an initial week of aid slipped 3,000 to 2.08 million in the week ended Feb. 4.

The four-week average of the so-called continuing claims rose 4,250 to 2.08 million.

(Reporting by Lucia Mutikani; Editing by Paul Simao)

 

Jobless claims fall to near 43-year low

Job seekers

WASHINGTON, Jan 5 (Reuters) – The number of Americans filing for unemployment benefits fell to near a 43 year-low last week, pointing to further tightening in the labor market.

Initial claims for state unemployment benefits dropped 28,000 to a seasonally adjusted 235,000 for the week ended Dec. 31, the Labor Department said on Thursday. That was close to the 233,000 touched in mid-November, which was the lowest level since November 1973.

Claims for the prior week were revised to show 2,000 fewer applications received than previously reported. But with claims data for six states and one territory estimated because of the New Year’s holiday, last week’s drop likely exaggerates the labor market’s strength.

The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 5,750 to 256,750 last week.

Claims have now been below 300,000, a threshold associated with a healthy labor market, for 96 consecutive weeks. That is the longest stretch since 1970, when the labor market was much smaller.

The labor market is considered to be at or near full employment, with the jobless rate at a nine-year low of 4.6 percent. Tightening labor market conditions and gradually firming inflation allowed the Federal Reserve to raise its benchmark overnight interest rate last month by 25 basis points to a range of 0.50 percent to 0.75 percent.

While the U.S. central bank forecast three rate hikes for 2017, minutes of the Dec. 13-14 policy meeting released on Wednesday suggested that the pace of increases would largely be determined by the labor market and fiscal policy.

Economists polled by Reuters had forecast first-time applications for jobless benefits falling to 260,000 in the latest week. Claims briefly pushed higher last month and in November, but economists blamed the gyrations on difficulties adjusting the data around moving holidays.

A Labor Department analyst said there were no special factors influencing last week’s data. That data has no bearing on December’s employment report, which is scheduled for release on Friday, as it falls outside the survey period.

According to a Reuters survey of economists, nonfarm payrolls likely increased by 178,000 jobs in December after the same gain in November.

Thursday’s claims report also showed the number of people still receiving benefits after an initial week of aid rose 16,000 to 2.11 million in the week ended Dec. 24. The four-week average of the so-called continuing claims increased 26,250 to 2.07 million.

(Reporting by Lucia Mutikani; Editing by Paul Simao)

U.S. jobless claims decline from five-month high

help wanted sign in Colorado

WASHINGTON, (Reuters) – The number of Americans filing for unemployment benefits fell from a five-month high last week, pointing to labor strength that underscores the economy’s sustained momentum.

Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 258,000 for the week ended Dec. 3, the Labor Department said on Thursday. Claims for the prior week were unrevised.

It was the 92nd straight week that claims were below 300,000, a threshold which is associated with a healthy labor market. That is the longest stretch since 1970, when the labor market was much smaller.

Economists polled by Reuters had forecast first-time applications for jobless benefits falling to 258,000 in the latest week. Claims hit a 43-year low in mid-November.

Economists had dismissed the recent back-to-back increases in filings, which had pushed claims to a five-month high, as an aberration. Claims tend to be volatile around this time of the year because of different timings of the Thanksgiving holiday.

A Labor Department analyst said there were no special factors influencing last week’s data and that no states had been estimated. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose 1,000 to 252,500 last week.

The labor market is near full employment, with the government reporting last week that the unemployment rate fell to a nine-year low of 4.6 percent in November amid solid increases in nonfarm payrolls.

A tight labor market together with signs of a strengthening economy and steadily rising inflation will likely push the

Federal Reserve to hike interest rates at its Dec. 13-14 policy meeting. The U.S. central bank raised its benchmark overnight interest rate last December for the first time in nearly a decade.

Thursday’s claims report also showed the number of people still receiving benefits after an initial week of aid fell 79,000 to 2.01 million in the week ended Nov. 26. That followed two straight weekly increases.

The four-week average of the so-called continuing claims slipped 9,500 to 2.03 million.

(Reporting by Lucia Mutikani; Editing by Paul Simao)

U.S. jobless claims rise to near three-month high

WASHINGTON, (Reuters) – – The number of Americans filing for unemployment benefits rose to near a three-month high last week, but remained below a level associated with a strong labor market.

Initial claims for state unemployment benefits increased 7,000 to a seasonally adjusted 265,000 for the week ended Oct. 29, the highest level since early August, the Labor Department said on Thursday. Claims for the prior week were unrevised.

It was the 87th consecutive week that claims remained below 300,000, a threshold associated with a healthy labor market.

That is the longest stretch since 1970, when the labor market was much smaller.

Economists polled by Reuters had forecast first-time applications for jobless benefits would be unchanged at 258,000 in the latest week.

The Federal Reserve on Wednesday left interest rates steady but said its monetary policy-setting committee “judges that the case for an increase in the federal funds rate has continued to strengthen.”

The U.S. central bank is widely expected to increase its overnight benchmark interest rate in December, but the decision could depend on the outcome of the Nov. 8 U.S. presidential election.

The tightening of the race between Democratic candidate Hillary Clinton and her Republican rival Donald Trump has rattled financial markets. The Fed raised borrowing costs last December for the first time in nearly a decade.

On Wednesday, the central bank offered a fairly upbeat assessment of the labor market, inflation and the broader economy.

A Labor Department analyst said there were no special factors influencing last week’s data and that no states had been estimated. There was a surge last week in the unadjusted claims for Kentucky, California and Missouri.

The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, increased 4,750 to 257,750 last week.

The report has no bearing on October’s employment report, which is scheduled for release on Friday, as it falls outside the survey period. According to a Reuters survey of economists, nonfarm payrolls likely increased 175,000 last month after rising 151,000 in September.

The unemployment rate is seen slipping one-tenth of a percentage point to 4.9 percent.

Thursday’s claims report also showed the number of people still receiving benefits after an initial week of aid declined 14,000 to 2.03 million in the week ended Oct. 22, the lowest reading since June 2000.

The four-week average of the so-called continuing claims fell 9,000 to 2.04 million. That was the lowest level since July 2000.

(Reporting by Lucia Mutikani; Editing by Paul Simao)