08.03.201822:24:00UTC+00U.S. Unemployment Claims Rebounds from 48-Year Low

The number of Americans filing for jobless benefits rebounded last week from a more than 48-year low, but the trend continued to point to robust labor market conditions.

That was highlighted by separate data that showed job cuts announced by U.S.-based employers have dropped 20 percent in February. Federal Reserve officials consider the labor market to be near or a little beyond full employment. The tight jobs market is seen boosting wage growth and spurring inflation.

Initial claims for state unemployment benefits increased 21,000 to a seasonally adjusted 231,000 for the week ended March 3, according to the Labor Department. Claims dropped to 210,000 in the prior week, which was the lowest level since December 1969.

The four-week moving average of initial claims, viewed as a better measure of labor market trends as it irons out week-to-week volatility, rose 2,000 to 222,500 last week.

The claims report also showed the number of people receiving benefits after an initial week of aid decreased 64,000 to 1.87 million in the week ended Feb. 24. The four-week moving average of the so-called continuing claims fell 14,250 to 1.91 million.

So far this year, employers have announced 80,022 layoffs, the lowest number of planned job cuts between January and February since 1995.