According to the Labor Department, initial jobless claims rose by 4,000 last week to a seasonally adjusted 230,000, in line with analysts’ forecasts.
The 4-week average of the number of Americans filing for unemployment benefits for the first time is a better gauge of the labor market. It ironed out the weekly volatility. It rose to 230,000, the highest level since September.
At the same time, the U.S. Labor Department reported that the number of Americans continuing to file for unemployment benefits rose by 62,000 to 1.67 million.