U.S. Unemployment Claims Down Last Week, Job Market Still Weak
WASHINGTON, Sept 20 (Reuters) - The number of Americans filing new claims for jobless benefits fell last week, unwinding some of the weather-related spike during the previous week, but the underlying tone of the report pointed to some weakening in the labor market.
Initial claims for state unemployment benefits slipped 3,000 to a seasonally adjusted 382,000, the Labor Department said on Thursday. The prior week's figure was revised up to show 3,000 more applications than previously reported. Claims the prior week had been pushed up by Tropical Storm Isaac.
Economists polled by Reuters had forecast claims falling to 375,000 last week. A Labor Department official said there were no special factors influencing the report, adding that only claims data for New Mexico had been estimated.There was also no sign the strike by about 29,000 teachers in Chicago had any impact, the official said.
The four-week moving average for new claims, a better measure of labor market trends, rose 2,000 to 377,750 - the highest level since June. It was the fifth consecutive weekly increase in the measure.
Last week's report covered the period for September nonfarm payrolls survey. Claims have risen 8,000 between the August and September survey periods.
Employers added 96,000 jobs last month, a step down from July's 141,000 count. While the unemployment rate dropped to 8.1 percent in August from 8.3 percent, it was because many Americans gave up the search for work.
Lackluster labor market conditions prompted the Federal Reserve last week to launch an aggressive stimulus program, with the U.S. central bank buying an additional $40 billion worth of mortgage backed securities each month until it sees a sustained upturn on the jobs front.
The unemployment rate has been stuck above 8 percent for more than three years, the first time this has happened since the Great Depression. The sluggish jobs market poses a hurdle to President Barack Obama's re-election.
The number of people still receiving benefits under regular state programs after an initial week of aid fell 32,000 to 3.27 million in the week ended Sept. 8, the claims report showed.
That was the lowest level since mid-May and most likely reflected people exhausting their benefits.
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