The number of people filing initial applications for U.S. state unemployment benefits rose from a five-month low last week, the government reported Thursday, but jobless claims remained at a level consistent with a healthy job market. The Labor Department said claims rose by 7,000 last week to 265,000. Claims now have been below 300,000-a level associated with an improving labor market-for 54 weeks, the longest such stretch since 1973. The four-week moving average of jobless claims-a better gauge of labor market trends because it smoothes weekly volatility-rose 750 to 268,000. The number of people receiving unemployment benefits was 2.24 million last week, down almost 7 percent from a year ago. The U.S. labor market is strong, with employers adding 242,000 jobs last month and the unemployment rate steady at an eight-year low of 4.9 percent. Labor-market strength has helped ease fears the economy could be moving toward recession, which triggered a recent sharp stock market sell-off and subsequent tightening in financial market conditions.
