New applications for U.S. unemployment compensation rose 5,000 to 417,000 , the Labor Department said Thursday. Initial claims from two weeks ago were revised up to 412,000 from an original reading of 408,000.’
Economists surveyed by MarketWatch had expected new requests for jobless benefits to total 410,000 on a seasonally adjusted basis.
Although the number of claims was boosted by the Verizon strike, applications for jobless benefits still remain at an elevated level normally associated with mediocre hiring trends. In a strong economy, claims usually fall far below 400,000 as companies rapidly add workers.
The average of new claims over the past four weeks, meanwhile, increased by 4,000 to 407,500. The monthly average is seen as a more accurate gauge of labor trends because it smooths out volatility in the week-to-week data.
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