Weekly Jobless Claims Edge Higher

The number of Americans filing new claims for unemployment benefits rose less than expected last week, according government data on Thursday that suggested a mild improvement in the labor market.

Initial claimsfor state unemployment benefits climbed 4,000 to a seasonally adjusted 367,000, the Labor Department said.

The prior week’s figure was revised up to show 4,000 more applications than previously reported.

The four-week moving average for new claims, a better measure of labor market trends, was unchanged at 375,000. A Labor Department official said there were no special factors influencing the report and no states had been estimated.

“The trend is still looking fairly stable. The labor market is improving but it is not really gathering direction for better or worse, it is still just plodding along,” said Sean Incremona an economist at 4CAST in New York.

Economists polled by Reuters had forecast claims rising to 370,0000 last week. The four-week moving average for new claims, a better measure of labor market trends, was unchanged at 375,000. It was the first time since December last year that the four-week average was unchanged.

A Labor Department official said there were no special factors influencing the report and no states had been estimated.

Despite fears of tighter fiscal policy next January, there is little sign that companies are responding by laying off workers on a wide scale.

Last week’s claims data fell outside the survey period for the September employment report, but applications dropped 18,000 from the first week of the month, signaling some improvement in the pace of job creation last month.

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