New US claims for unemployment benefits held steady last week, the US Commerce Department said, as the downward trend of the first quarter appeared to be on hold.
New jobless claims were 388,000 for the week to April 21, compared to a revised 389,000 the previous week.
Claims, which are an indicator of the pace of layoffs across the country, have edged up for three weeks after hovering near 360,000 in March.
The four-week moving average was 381,750, up from the previous week's 375,500.
A steady fall in the weekly claims numbers since September has given cheer that the US is gaining ground in its battle to reduce the high number of those without jobs, currently around 12.7 million.
But economists said the claims numbers rise in the past three weeks does not negate the overall downward trend.
The Federal Reserve, seeing a slight pickup in overall economic growth, last night improved its projections for the jobless rate at the end of 2012, saying it could fall as low as 7.8% from the current 8.2%
Widespread joblessness continues to present a key challenge to President Barack Obama as he campaigns to retain his job in the November presidential election.
US pending home sales rise in March
US pending home sales rose in March from February and were solidly above their year-ago level, pointing to recovery in the distressed housing market, an industry group said today.
The National Association of Realtors said its pending home sales index - which represents contracts signed but not closed - rose 4.1% in March to 101.4.
The forward-looking indicator was at its highest level since April 2010, when the index reached 111.3, NAR said. On a 12-month basis, pending sales were up 12.8%.
"The housing market has clearly turned the corner," said Lawrence Yun, NAR chief economist. "First-quarter sales closings were the highest in five years. The latest contract signing activity suggests the second quarter will be equally good," he said.
The US housing market, the epicentre of the 2008 financial crisis, has been near moribund since then. But in recent months there have been the first delicate inklings of rejuvenation, including the NAR's latest figures.
But many, among them the Federal Reserve, are warning victory should not be declared too quickly. "Despite some signs of improvement, the housing sector remains depressed," the Fed said after a policy meeting last night.
