U.S. jobless claims jumped to 313,000 last week — but don’t worry, the economy is getting better

U.S. jobless claims jumped to 313,000 last week — but don’t worry, the economy is getting better

The jobless claims remain well below the lows since the recession began, indicating improving strength in the U.S. labor market.

Jobless claims in America rose by 21,000 to 313,000 last week — however, the overall numbers still suggest steady job growth overall, experts believe.

Initial jobless claims rose in the week ending Nov. 22, according to the Labor Department on Wednesday. Economists had expected 289,000 in new claims, but updated figures put the prior week’s level at 292,000, a slight increase over initial reports, according to a NASDAQ report.

It was the first time since September that new claims exceeded 300,000. However, it should be noted that jobless claims can be very volatile and fluctuate constantly. The four-week average of jobless claimed that takes those fluctuations into account climbed 6,250 to 294,000.

The climb isn’t bothering economists so far, as the claims still remain below the lows in the years after the recession began, which indicates growing strength in the U.S. labor market. The United States is currently in the midst of the longest stretch of job growth since World War II.

Initial jobless claims jumped 665,000 in 2009 near the end fo the recession, and have steadily declined since.

Employers added 229,000 jobs per month so far this year that is helping to bring down unemployment figures — the jobless rate dropped 5.8 percent in October from 7.2 percent the same time last year.

In another encouraging signs, Americans are voluntarily quitting their jobs in higher numbers, suggesting an underlying confidence among workers that they will be able to quickly find jobs elsewhere.

These improvements in the labor market have translated into a boost in the broader economy which improved 3.9 percent in the third quarter.

Still, much work needs to be done to put the U.S. economy on solid economic footing. About 9 million workers still can’t find a job, and another 7 million can only get part-time work when they want full-time positions. Wages, on the other hand, are growing at a disappointing pace.

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