Jobless claims unexpectedly rise

The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, but the underlying trend suggested no shift in labor market conditions. Initial claims for state unemployment benefits increased 14,000 to a seasonally adjusted 348,000, the Labor Department said on Thursday. While last week's increase pushed them to the upper end of their range so far this year, it probably does not signal labor market weakness as claims tend to be volatile around federal holidays. An unusually cold winter has clouded the labor market picture, with job growth braking sharply in December and recovering only marginally in January.

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