The number of Americans who signed up for unemployment benefits rose last week to the highest level since November, though the U.S. job market continues to show signs of strength.
Applications for jobless aid climbed by 14,000 to 262,000 and have now risen five out of the last six weeks, the Labor DepartmentThursday. The four-week average for claims, which smooths out weekly ups and downs, rose to 252,000, also the highest since November.
"Initial claims and continuing claims have inched higher for the last four months and suggest that the labor market will likely slow further throughout the back half of this year," Jeffrey Roach, chief economist for LPL Financial, said in a note.
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