U.S. jobless claims rise slightly, but labor market conditions remain strong

U.S. weekly jobless claims rose slightly. In the week ended 10 February, jobless claims rose to 230k from 223k, as compared with consensus expectations of 228k. In spite of the rise, the four-week moving average came in at 228k, close to a historical low.

Meanwhile, continuing claims for the week ended 2 February rose to 1.942 million from an upwardly revised 1.927 million. The insured jobless rate remained the same at 1.4 percent. On balance, claims data continue to imply that labor market conditions continue to be strong, noted Barclays in a research report.

Region wise, about two-thirds of all the states recorded a rise in claims, though most of those rises were moderate. The biggest rises were seen in Illinois, New York, Michigan and New Jersey, but these were mainly countered by a decline in claims in Puerto Rico and California.

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