Jobless claims rise but job market remains healthy

Applications for jobless benefits jumped last week above 300,000 for the first time since early September.

First-time claims for unemployment insurance increased 21,000 to a seasonally adjusted 313,000, the Labor Department said Wednesday.

{mosads}The less volatile monthly average rose 6,250 to 294,000. 

The number of those filing for applications had remained below 300,000 since the first week of September, another sign of the job market’s steady improvement. 

Meanwhile, consumers spent more in October and estimates were revised from a decline to flat spending in September, a separate Commerce Department report showed on Wednesday.

Spending, which accounts for about 70 percent of economic activity, rose 0.2 percent last month. 

A private-sector jobs report and the broader measure by the government are both due out next week and should indicate that the job market is strengthening. 

Employers have added more than 200,000 jobs a month on average this year. The unemployment rate fell to its lowest level in six years in October — 5.8 percent — although there are still several nagging issues plaguing a more robust recovery of the labor market that would boost the economy. 

Wages have been slow to rise and many workers looking for full-time work are stuck with part-time jobs.

Overall, 2.3 million people received benefits for the week of Nov. 15, the latest data available, the best showing in nearly 14 years.