U.S. initial jobless claims rose 24,000 to 329,000 in the most recent week reported, the U.S. Labor Department announced Thursday – a level that suggests while job growth may not be robust, the labor market continues to heal via reduced layoffs.
Economists surveyed by Bloomberg News had expected jobless claims to rise to 315,000.
The more-telling four-week moving average also rose by 4,750 to 316,750. Economists emphasize the more-telling 4-week moving average, as it smooths out anomalies due to holidays, strikes, and weather-related layoffs, etc.
The Labor Department also said continuing claims fell by 61,000 to 2.68 million for the week ending April 10 – the latest week for which data is available. That’s the lowest continuing claims level since December 2007, when the Great Recession began.