The number of Americans receiving unemployment benefits rose in the latest week, the US government said today.
First-time filings for state jobless benefits climbed 13,000 to 399,000 in the week ended September 27th, the Labor Department said. That was slightly higher than the 395,000 expected by analysts.
The Department of Labor said the rise in claims was partly because those seeking benefits in areas hit by Hurricane Isabel were unable to file during the previous week when unemployment offices were closed.
For the second week in a row, claims stayed just under 400,000. Economists see claims over that key level to be a sign the labour market is deteriorating. The closely watched four-week moving average, seen as a more reliable gauge of the jobs picture because it smoothes out weekly fluctuations, fell 5,000 to 403,500.
Financial markets will be looking to tomorrow's payrolls report for a more comprehensive read of the nation's sluggish labor market, which has lagged the recovery in other areas of the economy.