Applications for jobless benefits rise to 348,000

Published on NewsOK Modified: January 30, 2014 at 8:17 am •  Published: January 30, 2014
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WASHINGTON (AP) — Weekly applications for U.S. unemployment benefits rose 19,000 last week to 348,000, the highest in about a month. But the broader trend in applications remains low.

The Labor Department says that the four-week average, a less volatile measure, increased just 750 to 333,000. The increase follows three weeks of declines.

The average is close to pre-recession levels and suggests that, despite last week's rise, layoffs remain low. Last week's figure may also have been pushed up by cold weather, which can cause construction firms to stop work.

"We expect claims to head back below the 330,000 mark over the next few weeks," said Ian Shepherdson, an economist at Pantheon Macroeconomics, a forecasting firm.

Hiring will need to pick up to reduce the unemployment rate, which is still high at 6.7 percent. Employers added just 74,000 jobs in December, the fewest in three years and far below the average of 214,000 added in the previous four months. Most economists forecast that hiring will rebound in January to roughly the 185,000 average monthly gains of the past two years.

The unemployment rate fell in December to 6.7 percent from 7 percent. Much of the decline was due to the fact that 347,000 unemployed people stopped looking for work. Once people without jobs stop trying to find one, they're no longer counted as unemployed.

About 3.6 million people received benefits in the week ended Jan. 11, the latest data available. That's about 123,000 fewer than the previous week. That total has fallen 39 percent in the past year.

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