The number of Americans filing for initial jobless benefits rose modestly last week, in line with market expectations, a government report showed today.
First-time claims for state unemployment insurance benefits rose to 350,000 in the week ended February 21st, up 6,000 from an unrevised 344,000 the prior week, the US Labor Department said.
Wall Street economists had expected claims to tick higher to 348,000.
A Labor Department official said seasonal adjustment factors anticipated a larger decline in the raw data during the holiday-shortened week.
The closely watched four-week moving average of initial jobless claims, which irons out weekly fluctuations, rose to 354,750 from 352,000 the prior week. The rise was the fourth consecutive weekly gain in that measure and brought it to its highest level since 355,750 registered in the week ended December 27th, 2003.
Meanwhile the new orders for expensive, long-lasting US manufactured goods dropped unexpectedly in January as demand for aircraft and cars fell sharply, a government report showed today.
Orders for durable goods - items meant to last three years or more - slid 1.8 per cent last month after an upwardly revised gain of 1.6 per cent in December, the US Commerce Department said.
January's orders were much weaker than expected on Wall Street, where economists were looking for a 1.4 per cent rise after a previously reported 0.3 per cent December increase.
While the upward revision to December was likely to take some of the sting out of the often-volatile report, the volume of orders last month still stood below November's level.