Jobless claims in U.S. climb 10,000 to 372,000

New applications for unemployment benefits jumped 10,000 to 372,000 in the week ended Dec. 29, the U.S. Labor Department said Thursday, reflecting holiday-season volatility and showing little change in the U.S. labor market. The level of claims marked a five-week high. Initial claims from two weeks ago were revised up to 362,000 from an original reading of 350,000. Economists surveyed by MarketWatch expected claims to total a seasonally adjusted 360,000. The average of new claims over the past month, meanwhile, edged up a scant 250 to 360,000. The four-week average reduces seasonal volatility in the weekly data and is seen as a more accurate barometer of labor-market trends. The holiday season is a particularly volatile period because of the closure of government offices, which causes the claims data to bounce around. Also, Labor said continuing claims increased by 44,000 to a seasonally adjusted 3.25 million in the week ended Dec. 22. Continuing claims reflect the number of people already receiving benefits.

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