New claims for U.S. unemployment benefits increased to a more than two-month high last week, but remained at a level consistent with tightening labor market conditions and further wage gains that could keep inflation hot for a while.
The report from the Labor Department on Thursday also showed the number of Americans collecting state unemployment checks was the smallest in more than 52 years towards the end of April. Economists brushed off last week's increase in initial claims, arguing that the data are volatile around moving holidays like Easter, Passover and school spring breaks.
The number of people receiving benefits after an initial week of aid dropped 19,000 to 1.384 million during the week ending April 23. That was the lowest level for the so-called continuing claims since January 1970.Government data this week showed there were a record 11.5 million job openings on the last day of March, which widened the jobs-workers gap to a record 3.4% of the labor force from 3.1% in February.
Stocks on Wall Street were trading lower. The dollar rose against a basket of currencies. U.S. Treasury prices fell. Rising labor costs were reinforced by a third report from the Labor Department showing worker productivity plummeting at its sharpest pace in more than 74 years in the first quarter, suggesting that the Fed cannot, for now, rely on workers being more productive to rein in inflation.
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