The number of US workers filing new claims for jobless benefits fell 5,000 last week, government data today showed, but a moving average of this volatile indicator moved up for a second week in a row.
Initial claims for state unemployment insurance benefits declined to a seasonally adjusted 381,000 in the week ended June 14th, from a revised 386,000 the prior week, the Labor Department said.
Analysts polled by Reuters had forecast 375,000 new claims versus a previously reported count of 384,000 the week before. A Labor Department official said there were no special factors influencing the report.
The four-week moving average of new jobless claims, a better gauge of underlying labor trends because it irons out week-to-week volatility, rose to 375,250 from 372,000 the week before to the highest reading since April.
This measure has mounted steadily as the US housing slump has chilled growth and crimped hiring this year, and is now back to levels seen in the aftermath of Hurricane Katrina in 2005.
The number of people remaining on the benefits roll after drawing an initial week of aid fell 76,000 to a less-than-forecast 3.06 million in the week ended June 7th, the most recent week for which these figures were available.
Analysts estimated so-called continued claims would be 3.14 million. It was the eighth straight week that these claims were above 3 million, in a sign that the slowing economy is making it harder for US workers to find jobs.
