Jobless claims rise, but recovery looks steady

First-time claims for jobless benefits rose last week but they remain at a level reflecting the labor market’s steady recovery. 

The number of applications for unemployment insurance increased 17,000 last week to a seasonally adjusted 298,000, a sign that employers are laying off fewer workers, the Labor Department said Wednesday.

{mosads}The less volatile four-week average rose 250, to 290,750.

Economic growth picked up in the July-September quarter to a 5 percent annual pace, the best showing in 11 years, and economists are expecting the expansion to continue into next year.

Employers added 321,000 jobs in November, well above expectations. Through the first 11 months of the year the economy added 2.65 million new jobs, the most since the 1990s.

The unemployment rate stayed put at 5.8 percent last month and has dropped from 6.7 percent in January.

The December jobs report is due out Jan. 7.