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New jobless claims steady
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September 4, 1997: 9:09 a.m. ET
Modest rise indicates steady labor pool, lessening inflation fears
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NEW YORK (CNNfn) - First-time claims for unemployment benefits rose modestly last week, showing little strengthening of the labor market.
The U.S. Labor Department said initial jobless claims for the week ended August 30 rose 2,000 to 326,000 from the revised figure of 324,000 the previous week. Economists had looked for a figure of 320,000.
The four-week moving average increased a little more, rising to 326,500 from 321,000 the week before. The four-week average seeks to minimize the effect of any spike in unemployment applications and is seen by economists as a more reliable indicator of labor pressures.
The number of Americans seeking to continue their unemployment benefits increased to 2.36 million last week, up about 50,000 from 2.31 million the previous week.
Claims for unemployment benefits are one of the indicators used by the Federal Reserve to measure inflationary pressures in the U.S. economy. A strengthening labor sector could push wages higher, increasing the chance of inflation and, consequently, move the Fed to raise interest rates.
-- Randy Schultz
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U.S. Labor Department
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