Jobless Claims in U.S. Increase 21,000
Jan. 26, 2012, 2:25 p.m. GMT
[BLOOMBERG, by Timothy R. Homan]'Claims for U.S. jobless benefits rose last week, displaying the usual volatility around holidays that has masked an improvement in the labor market.
Applications (INJCJC) for unemployment insurance payments climbed by 21,000 to 377,000 in the week ended Jan. 21, up from an almost four-year low in the prior period, Labor Department figures showed today in Washington. The median forecast of 47 economists in a Bloomberg News survey projected 370,000.
Companies are picking up the pace of hiring as job cuts abate. At the same time, faster job gains are needed to maintain household spending, the biggest part of the world’s largest economy.
“The job-market recovery remains on track,” said Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida, who forecast claims would rise to 380,000. “The underlying trend is moderately low layoffs. We certainly have seen a lot volatility in the week to week numbers.”
Bookings for goods meant to last at least three years climbed 3 percent after a revised 4.3 percent gain the prior month that was more than previously estimated, data from the Commerce Department also showed today. Economists projected a 2 percent increase, according to the median forecast in a Bloomberg survey.
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