Jobless Claims Up More Than Expected
WASHINGTON (Reuters) - The number of American applying for first-time jobless benefits exceeded expectations, climbing 17,000 last week to its highest level in two months, a government report showed on Thursday.
First-time initial claims rose to 327,000 last week from 310,000 in the previous week and well above Wall Street economists' forecasts for 310,000, the Labor Department (news - web sites) said. New claims rose to their highest level since 367,000 in the week ended Jan. 8.
A Labor Department analyst said there were no special factors behind the sharp increase, but noted that seasonal adjustment factors tried to compensate for the holiday-shortened Presidents Day two weeks ago and the full five-day workweek last week.
The closely watched four-week moving average also rose, climbing to 312,500 from 306,750 in the prior week, breaking five straight weeks of declines and bouncing off a more than four-year low.
The number of people seeking to remain on the benefit rolls rose for the second straight week, jumping 39,000 to 2.70 million in the week ended Feb. 26, the latest week for which data are available.
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