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Weekly jobless claims unexpectedly increase

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Weekly jobless claims unexpectedly increase

Claims increase by 25,000.

The Labor Department today reported that seasonally-adjusted initial claims for unemployment insurance for the week ended February 7 were 304,000, an increase of 25,000 from the previous week's revised figure.

Analysts had expected an increase to 285,000.

The 4-week moving average, which smoothes out volatility to a certain extent, decreased 3,250 to 289,750.

While unexpected, the week’s increase in claims is not viewed as undermining the overall recent positive momentum in the labor markets.

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