WASHINGTON - The country's labor market eased last week as 32,000 more Americans filed to collect jobless benefits, the U.S. government said today, Feb. 1, 2001, but a more reliable barometer of labor trends showed continued tightness as it fell to its lowest level in 2-1/2 months, according to a Reuters news release.
Initial claims for state unemployment insurance benefits rose to 346,000 in the week ended Jan. 27, up from a revised 314,000 in the prior week, and their highest level since 380,000 in the Dec. 30, 2000, week, the Labor Department said.
The figures showed more people seeking benefits than expected by Wall Street economists, who had forecast a modest rise to 331,000. For the week ended Jan. 20, the department had originally reported new claims at 316,000.
The closely-watched four-week moving average, considered a more reliable predictor of labor market trends, fell for the third consecutive week, dropping to 327,000 from a revised 335,500 in the prior week to reach its lowest level since 323,000 in the Nov. 11, 2000, week.
The department releases its January unemployment report tomorrow, which will give a broad look at labor-market conditions throughout the economy.
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