The FINANCIAL — The number of Americans filing new claims for jobless benefits rose last week, but the level remains consistent with an economy that is adding jobs, according to Nasdaq.
Initial jobless claims, a proxy for layoffs across the U.S. economy, increased by 7,000 to a seasonally adjusted 282,000 in the week ended May 23, the Labor Department said on May 28.
Economists surveyed by The Wall Street Journal had expected 272,000 new claims last week.
The level of claims for the prior week was revised up to 275,000 from an initially reported 274,000.
The Labor Department said no special factors affected the latest claims data.
Data on jobless claims can be volatile from week to week, but have been generally falling since 2009 and over the last month fell to the lowest level in 15 years. The four-week moving average for initial claims, which evens out weekly volatility, rose by 5,000 to 271,500 last week.
Low jobless claims can be a sign of health in the labor market. Hiring slowed sharply in March, but rebounded in April when U.S. employers added 223,000 jobs and the jobless rate ticked down to 5.4%, according to separate Labor Department data.
The April jobs report offered hope after weeks of worrisome economic readings. Many economists now expect the economy contracted in the first quarter, and forecasts for a spring rebound hinge largely on continued hiring and a pickup in consumer spending.
Thursday's report showed the number of people filing continuing claims for unemployment benefits increased by 11,000 to 2.2 million for the week ended May 16. Continuing claims are reported with a one-week lag.
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