Jobless Claims Rise for Week

Initial claims for jobless benefits grew in the week ended Feb. 8, the Labor Department reported.

Claims increased by 8,000 to 339,000 total claims, Labor said Feb. 13. On average, economists surveyed by Bloomberg News predicted a decrease to 330,000 claims.

“The job market isn’t going anywhere quickly,” said Ryan Sweet, senior economist at Moody’s Analytics Inc, told Bloomberg. “We’ll start to see hiring accelerate in the spring and summer,” he said, pointing to improving business confidence and clearer fiscal policies.

Federal Reserve Chair Janet Yellen said earlier in the week that the Fed would maintain its fiscal policies in an effort to stabilize employment and prices, since the recovery is “far from complete.”

The four-week moving average of claims, a less volatile measure, increased to 336,750 from 333,250, Labor said. The number of people receiving continuing jobless benefits grew 18,000 to 2.95 million in the week ended Feb. 1.