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Latest US jobless claims edge higher

Initial claims for state unemployment benefits rose 1,000 to a seasonally adjusted 308,000, the Labor Department says
Initial claims for state unemployment benefits rose 1,000 to a seasonally adjusted 308,000, the Labor Department says

The number of Americans filing new claims for jobless benefits edged higher last week but remained at pre-recession levels, a signal of growing strength in the labour market.

Initial claims for state unemployment benefits rose 1,000 to a seasonally adjusted 308,000, the Labor Department said today

The data could provide some of the strongest guidance this week on the health of the US economy as a partial government shutdown delays the release of economic data.

This could include the monthly employment report which was scheduled to be released tomorrow.

New jobless claims have been falling for much of this year and for weeks there have been fewer of them than even before the 2007-09 recession began, a signal that the long cycle of elevated layoffs had ended.

However, US employers have been more reticent about taking new workers on, and many economists doubt whether the claims data still provides a clear signal on the pace of hiring.

The jobless claims data can also be volatile, although a Labor Department analyst said there was nothing unusual in last week's data.

The four-week average of new claims, which smooths out weekly volatility, fell 3,750 to 305,000, the lowest level since May 2007.