The number of Americans applying for first-time unemployment benefits increased incrementally last week, though overall numbers remain consistent with steady job gains.
Figures released by the U.S. Labor Department showed initial jobless claims, a proxy for layoffs across the U.S., rose 1,000 to a seasonally adjusted 234,000 in the week ended May 20. Economists surveyed by The Wall Street Journal had forecast 237,000 new claims.
Estimates of jobless claims can be volatile from week to week, but generally have hovered near four-decade lows in recent months, suggesting that employers are holding on to workers.
The four-week moving average of initial claims, which evens out weekly volatility, decreased 5,750 last week to 235,250, the lowest level for this average since April 1973, when the labour market was much smaller.
