US jobless claims stabilized last week

The number of Americans applying for unemployment benefits remained unchanged last week and the basic trend remained commensurate with the strength of the labor market.

New jobless claims stood at 245,000 in the week ending December 23, according to data revised in light of seasonal factors published by the US Department of Labor on Thursday.

Orders have been moving since mid-October in the range of 223-252 thousand.

Economists polled by Reuters had expected the number of jobless claims to fall to 240,000 last week, which was the 127th consecutive row to keep orders below the 300,000 level linked to the strength of the labor market. It is the longest series of its kind since 1970 when the labor market was smaller.

The market is widely seen as close to full employment, with unemployment at 4.1 percent, the lowest in 17 years. The improved labor market and economy encouraged the Federal Reserve to raise interest rates earlier this month for the third time this year. The US central bank expects three interest rate increases in 2018.

The economy added 228,000 jobs in November, a figure well above the 100,000 monthly jobs required to keep pace with growth in the working-age population.

The four-week moving average for jobless claims, a better indicator of labor market trends, rose by 1,750 to 237,750.

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