Americans filing for unemployment benefits climbed less than expected in number last week and the underlying trend remained consistent with a tightening labour market that is starting to spur faster wage growth.
Figures released Thursday by the U.S. Labor Department showed initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 247,000 for the week ended Jan. 7. Claims for the prior week were revised to show 2,000 more applications received than previously reported.
Last week's data included the New Year holiday. Claims tend to be volatile around this time of the year because of different timings of the various holidays. Claims have fluctuated in a 233,000-275,000 range since mid-November.
They have now been below 300,000, a threshold associated with a healthy labour market, for 97 consecutive weeks. That is the longest stretch since 1970, when the labour market was much smaller.
Economists had forecast first-time applications for jobless benefits rising to 255,000 in the latest week.
