Weekly Jobless Claims Rise to 348,000

FoxBusiness.com ^ | 1/30/14 | Reuters

[mykroar]

The number of Americans filing new claims for unemployment benefits rose more than expected last week, but the underlying trend suggested the labor market continued to heal.

Initial claims for state unemployment benefits increased 19,000 to a seasonally adjusted 348,000, the Labor Department said on Thursday. Claims for the prior week were revised to show 3,000 more applications received than previously reported.

Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 330,000 in the week ended January 25.

The four-week moving average for new claims, considered a better measure of underlying labor market conditions as it irons out week-to-week volatility, edged up 750 to 333,000.

[mykroar]

Job growth slowed sharply in December, but economists shrugged off the surprise meager increase in payrolls, pointing to freezing temperatures that hit sectors such as construction and transportation.

I wonder if it was Atlus that shrugged.

e so-called continuing claims have been elevated in recent weeks and some economist say the cold weather could be preventing many recipients from going out to search for work and companies to delay hiring.

Yeah, that's why. /sigh