WASHINGTON - The number of newly laid off workers who filed for unemployment benefits rose last week after three straight weekly declines pushed claims to the lowest level since mid-May.
New claims rose by a seasonally adjusted 4,000 to 307,000 for the week ending July 28, the Labor Department said Thursday. Analysts had expected new claims to rise to 310,000, according to the consensus estimate of Wall Street economists surveyed by Thomson/IFR.
Despite the gain, the data reinforced the notion that the job market remained steady despite a sluggish economy and prolonged housing slump.
The four-week moving average of new claims, which smooths out week-to-week fluctuations, fell by 3,500 last week to 305,500, the lowest level since late May.
The jump in claims may signal a trend after both Monster Worldwide Inc. and Johnson & Johnson announced major restructuring plans this week.
The health care giant on Tuesday said it plans to reduce its global work force by up 4,820 jobs to cut costs due to slumping sales and looming patent expirations. Johnson & Johnson employs about 120,500 people in 57 countries.
Monster said it is cutting 800 jobs, or about 15 percent of its work force, starting now and into next year.
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