The number of people seeking U.S. unemployment benefits rose less than expected last week and remained near pre-recession levels, the government reported Thursday, providing further evidence of underlying strength in the economy. The Labor Department said initial jobless claims rose 2,000 to 304,000 last week, near a more than six-year low seen the previous week. The four-week moving average of jobless claims—considered a better gauge of labor-market trends because it smoothes weekly volatility—fell 4,750 to 312,000, the lowest level since October 2007, just two months before the Great Recession started. The four-week average has declined by 53,500 over the past 12 months. Jobless claims are a measure of layoffs, and the current level of claims suggests that employers are keeping their workforces with the expectation of stronger economic growth ahead.
