Initial Claims Rise 20K as Employers Eye Taxes, Higher Gas Prices
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Americans filing for unemployment insurance rose last week by more than expected, though longer-term trends continuing pointing to an improving jobs market.
According to data from the U.S. Labor Department, initial jobless claims rose by 20,000 to 362,000 for the week ended February 16th. The number compares to a revised-higher 342,000 the prior week and expectations calling for 350,000 claims. This was the first increase in three weeks for the data.
The four-week moving average saw an increase of 8,000 to 360,750 claims.
Data comes as many employers are holding off on hiring until the fallout of higher payroll taxes and gas prices plays out. Potential cuts in government spending are also on the docket.
Continuing claims rose 11,000 to 3.15 million for the week ended February 9th. Those on extended benefits fell 233,000 to 1.85 million for the week ended February 2nd.
Just 11 states and territories reported an increase in claims, versus 42 showing a decline.
According to data from the U.S. Labor Department, initial jobless claims rose by 20,000 to 362,000 for the week ended February 16th. The number compares to a revised-higher 342,000 the prior week and expectations calling for 350,000 claims. This was the first increase in three weeks for the data.
The four-week moving average saw an increase of 8,000 to 360,750 claims.
Data comes as many employers are holding off on hiring until the fallout of higher payroll taxes and gas prices plays out. Potential cuts in government spending are also on the docket.
Continuing claims rose 11,000 to 3.15 million for the week ended February 9th. Those on extended benefits fell 233,000 to 1.85 million for the week ended February 2nd.
Just 11 states and territories reported an increase in claims, versus 42 showing a decline.
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