"It does look like recently we've seen some stalling in job creation, or at least a stalling in the lowering of claims"
- Tim Ghriskey, chief investment officer at Solaris Group in Bedford Hills
The number of Americans seeking unemployment aid unexpectedly jumped to a four-month high last week, suggesting some problems faced by the labour market, although the increase partly reflects seasonal distortions around the spring holidays. According to the Labor Department, weekly applications for unemployment benefits increased 28,000 to a seasonally adjusted 385,000 in the week ended March 29th, posting the third straight week of gains in claims and confounding economists' expectations for a decline to 350,000. At the same time, the less volatile four-week moving average, which is considered to be better measure of labour market trends, rose 11,250 to 354,250. Despite latest data, job growth has picked up in recent months, with employers adding an average of 200,000 jobs per month from November through February.
"It does look like recently we've seen some stalling in job creation, or at least a stalling in the lowering of claims," said Tim Ghriskey, chief investment officer at Solaris Group in Bedford Hills, New York.
"You might be getting some effects from the sequester and the tax hikes earlier this year," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.
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