Applications for unemployment benefits edge up 5,000
WASHINGTON — The number of Americans filing for unemployment benefits rose slightly last week but still remained at a level indicating a healthy job market.
THE NUMBERS: Claims for unemployment benefits rose by 5,000 last week to a seasonally adjusted 239,000, the Labor Department reported Thursday. The increase came after claims had dropped to 234,000 the previous week, the second lowest reading in the past year. The less-volatile four-week average edged up a slight 500 applications to 245,250. That marks 102 consecutive weeks in which claims applications have been below the key threshold of 300,000, the longest stretch since 1970.
THE TAKEAWAY: Jobless claims are a proxy for layoffs. The low level for claim applications suggests that employers remain confident enough in the economy to be focusing on hiring new workers and retaining the employees they have.
KEY DRIVERS: Employers added 227,000 jobs in January as the unemployment rate ticked up slightly to 4.8 per cent, still in line with the level that the Federal Reserve views as indicating full employment. The jobless rate rose in January largely because more people entered the labour market to look for work.