WASHINGTON, (Reuters) – The number of Americans filing for unemployment benefits rose more than expected last week, but the trend in claims remained consistent with a tighter job market.
Initial Claims for state subsidies they increased 9,000 to a seasonally adjusted 227,000 for the week ended June 23, the Labor Department said on Thursday. The claims data from the previous week were not reviewed. Presentations had declined for four consecutive weeks before the latest data.
Economists polled by Reuters had predicted that claims would increase to 220,000 in the last week. There is probably limited scope for claims to post significant declines.
It is considered that the labor market is close or with full employment, with an unemployment rate at a minimum of 18 years of 3.8 percent. The unemployment rate has fallen by three tenths of a percentage point this year and is close to the Federal Reserve's forecast of 3.6 percent by the end of this year.
The Department of Labor said the claims for Maine and Wyoming were estimated last week.
The four-week moving average of initial claims, seen as a better measure of labor market trends, since it eliminates volatility from week to week, rose from 1,000 to 222,000 last week.
The claims report also showed that the number of people who received benefits after an initial week of aid fell 21,000 to 1.71 million in the week ending June 16. The four-week moving average of the so-called continuous claims fell from 3,750 to 1.72 million, the lowest level since December 1973.
The continuous claims data covered the week of the household survey from which the rate of June unemployment. The average of four weeks of continuous claims decreased by 32,000 between the survey periods of May and June, suggesting a further decrease in the unemployment rate this month.
Information of Lucia Mutikani Edition of Paul Simao