Applications for unemployment benefits fell to 277,000 to begin 2016, the Department of Labor reported Thursday, after rising to a six-month high of 287,000 the week before.
Private-sector economists polled by Bloomberg had expected 272,000 new jobless claims, which are adjusted for seasonal fluctuations.
Thursday’s results sent the monthly moving average of claims down by 1,250 to 275,750.
Jobless claims are released on a weekly basis, and government officials and private investors use them as a high-frequency gauge of the health of the jobs market and the economy. Claims for unemployment benefits are seen as a proxy for layoffs.
Jobless claims fell to the lowest levels in decades over the course of the second half of 2015. The drop coincided with a decline in the unemployment rate over 2015 from 5.7 percent to 5 percent, near where officials at the Federal Reserve think it would be if the economy were in full health.
It’s possible, however, that claims for unemployment benefits may have bottomed out in the fall.
The moving average of claims hit 259,250 in October, the lowest such number since 1973. Since then, the average has crept back up, although the movement may not be indicative of what will happen going forward. Nevertheless, jobless claims are one of the indicators that economists will be watching for signs of rising risk of a recession.
The Labor Department said that there were no special factors affecting the data, which comes from state agencies. New Jersey and Michigan both saw increases in applications of over 6,000, while claims dropped by nearly 10,000 in California.
There were 2.2 million people overall receiving benefits, which are available for up to 26 weeks. That number is down from 2.4 million a year ago.
