Jobless claims rise to highest level since March

Jobless claims rise to highest level since March

New applications for U.S. unemployment benefits rose last week to the highest level since late March, but the increase probably reflects typical holiday-season ups and downs instead of any discernible change in a labor market that's shown clear improvement lately. Initial claims climbed by 10,000 to 379,000 in the week ended Dec. 14, the Labor Department said Thursday. Just three weeks ago, claims had fallen to as low as 305,000. The average of new claims over the past month rose by 13,250 to 343,250 to mark the highest level in five weeks, the U.S. Labor Department said. The four-week average is a more reliable gauge than the volatile weekly number, especially around the holidays. States tend to process applications more slowly because of office closures and some people wait longer than usual to file claims. The weekly number is typically volatile until mid to late January. Also, the government said continuing claims increased by 94,000 to a seasonally adjusted 2.88 million in the week ended Dec. 7. Continuing claims reflect the number of people already receiving benefits. Initial claims from two weeks ago, meanwhile, were revised up to 369,000 from an original read of 368,000, based on more complete data collected at the state level. Economists surveyed by MarketWatch had expected claims to drop to a seasonally adjusted 338,000 in the latest week