US unemployment rises more than forecast but market still tight

Weekly claims up 21,000 to 211,000

The US jobs market showed signs of cooling slightly today as the US Labor Department reported a larger than expected rise in unemployment.

The number of new claims for jobless benefits increased by the most in five months last week. Weekly claims rose 21,000 to 211,000. Economists polled by Reuters had forecast 195,000 claims in the week. Powell puts increased rate hikes back on the table The four week average of claims rose 4,000 to 197,000. Continuing claims jumped 69,000 to 1.718 million. Part of the rise reflects a surge in applications in New York state. Economists have pointed to a winter school recess between 20 and 24 February as the main driver. There was also a spike in Californian claims. Although the la...