U.S. jobless claims rise slightly

Initial U.S. jobless claims inched up to 474,000  in the week ended Dec. 5, an increase of 17,000 over the previous week.

But the four-week average sat at 473,750, a decrease of 7,750 from the previous week's revised average of 481,500 and the lowest level in more than a year, the U.S. Labour Department said Thursday.

Initial claims are a closely watched indicator because they are considered a gauge of layoffs and a sign of whether companies are willing to hire.

The four-week figure is more closely watched than the sometimes volatile weekly figure. The four-week average is at its lowest level since the week ended Sept. 27, 2008.

Some states had large spikes in the number of initial claimants. Wisconsin's figure increased by 8,067 from the previous week. State officials cited layoffs in the construction, service and manufacturing industries.

At the other end of the spectrum, California's initial claims decreased by 28,672, with fewer layoffs in the service industry cited.

Increase in total recipients

The total number of people receiving regular unemployment insurance benefits was 5,157,000, a decrease of 303,000 from the preceding week's revised level of 5,460,000.

The four-week moving average was 5,416,500, a decrease of 123,500 from the week-before's revised average of 5,540,000.

Thus far this year, the average has hovered at 5.767 million.  

But the regular claims figure does not include people who continue to receive benefits under multiple special extensions the U.S. Congress has passed this year.

During the week in question, extended benefits were available in 37 states, Puerto Rico and the District of Columbia. Some of the hardest-hit states have allowances for up to 99 weeks of receiving unemployment benefits.