The number of Americans filing first-time claims for jobless benefits rose 7,000 last week in a smaller gain than was expected by Wall Street, a government report showed today.
Initial jobless claims, a rough guide to the pace of lay-offs, rose to 325,000 in the week ended January 22nd from a revised 318,000 in the previous week, the Labor Department said.
Wall Street economists had forecast a rise to 334,000 from the originally reported 319,000 in the week ended January 15th. A Labor Department analyst said there were no special factors behind the rise in new claims.
The closely watched four-week moving average, which smooths volatility in weekly data, rose to 341,750 from 340,750 in the prior week.
The number of people who remained on the benefit rolls after claiming an initial week of aid rose 142,000 to 2.84 million in the week ended January 15th, the latest week for which figures were available.
The rise in so-called continued claims was the largest one-week rise since a 158,000 increase in mid-July.