March 3, 2016 - 2:09 AM EST
Print Email Article Font Down Font Up
U.S. Jobless Claims Rise, Labour Market Firming

The number of those folks south of the border filing for unemployment benefits unexpectedly rose last week, but experts say the underlying trend continued to point to a strengthening labour market.

The labour market's resilience was reinforced by another report on Thursday showing announced layoffs by

U.S.
companies tumbled 18% in February. The signs of sustained labour market strength were the latest indication the economy is regaining momentum after slowing in the fourth quarter.

Figures released Thursday by the U.S. Labor Department reported that initial claims for state unemployment benefits increased 6,000 to a seasonally-adjusted 278,000 for the week ended Feb.27. Economists had forecast claims slipping to 271,000.

Claims have now been below the 300,000 threshold -- associated with healthy labour market conditions -- for a year, the longest period since the early 1970s. The four-week moving average of claims, considered a better measure of labour market trends as it irons out week-to-week volatility, fell 1,750 to 270,250 last week, the lowest level since late November.

In a separate report, outplacement consultancy Challenger, Gray & Christmas Inc said

U.S.
-based companies announced 61,599 job cuts last month, down from 75,114 in January, saying layoffs remained concentrated in the troubled energy sector, which has been hit by a slump in crude oil prices, where employers announced 25,051 job cuts in February.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


Source: Equities.com News (March 3, 2016 - 2:09 AM EST)

News by QuoteMedia
www.quotemedia.com

Legal Notice