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"The labor market is taking small steps in the right direction"
- Ryan Sweet, a senior economist at Moody's Analytics Inc.
The number of Americans claiming for unemployment benefits rose to 393 thousand last week from 391 thousand the week before, said the Department of Labor on Wednesday. Economists expected the reading to decline to 389 thousand.
"Claims are below 400,000, but they're not consistent with a booming job market," said Ryan Sweet, a senior economist at Moody's Analytics Inc. in West Chester, Pennsylvania.
"The labor market is taking small steps in the right direction. Businesses aren't panicking by increasing layoffs. We're only going to see a gradual increase in hiring in the next few months."