US Jobless Claims Climb To 311,000

According to a report by the Labor Department, the number of people filing claims for jobless benefits rose by 3000 to 311,000 last week.

The four week moving average of new jobless claims data moved higher to 308,250 from 305,000 last week. The moving average is considered a more accurate indicator of employment as it smoothes weekly volatility.

The total number of people who remaining on benefit rolls in US fell 54,000 to 2,490,000 in the week ended 27th January.

Initial claims are considered an indicator of job destruction, while continuing claims indicate the level of difficultly in finding new jobs.

This claims data is in line with expectations of analysts and indicates a healthy job market. Employers are confident about the US economy's future and are not cutting jobs.