Applications for jobless benefits increased by 16,000 for the week ending March 29, bringing the total to 326,000, down from last week’s revised figure of 310,000, the Labor Department announced Thursday.
The latest figure on unemployment applications marks a sharp increase from last week’s four-month low.
The four-week moving average, a “less volatile” figure, rose by 250 to 319,500, down from last week’s revised figure of 319,250.
“The advance seasonally adjusted insured unemployment rate was 2.2 percent for the week ending March 22, an increase of 0.1 percentage point from the prior week's revised rate,” the report reads.
“The advance number for seasonally adjusted insured unemployment during the week ending March 22 was 2,836,000, an increase of 22,000 from the preceding week's revised level of 2,814,000. The 4-week moving average was 2,842,250, a decrease of 13,500 from the preceding week's revised average of 2,855,750,” it adds.
The states with the largest increases in initial claims for the week ending March 22 were Texas (+2,424), Florida (+1,698), Puerto Rico (+668), Iowa (+580), and Kansas (+326).
Meanwhile, California (-8,725), Nebraska (-1,121), Washington (-801), Arkansas (-713), and Tennessee (-698) posted the largest decreases in initial claims.
“About 3.2 million people received benefits in the week ending March 15, the latest data available, about 105,367 fewer than in the previous week,” the Associated Press reported.
Markets are poised to open mixed:
Follow Becket Adams (@BecketAdams) on Twitter