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February 12, 2007
The number of newly laid-off workers filing for unemployment benefits edged up 3,000 to 311,000, a level signaling a solid labor market, the Labor Department reported last week.
The advance was in line with expectations as economists continue to believe that the labor market is holding up well. Even in the face of a six-month slowdown last year, layoffs did not increase in most industries although the troubled housing and auto sectors have suffered job losses.
The unemployment rate did creep up in January, rising to 4.6 percent from 4.5 percent. Analysts forecast further increases in the months ahead, looking for the jobless rate to hit 4.9 percent by the middle of this year. The 4.6 percent figure is low by historical standards, however.
A small rise in the jobless rate is what the Federal Reserve is expecting as a result of its two-year campaign to raise interest rates enough to slow the economy and reduce inflation.
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