US Jobless Claims Rise; Q4 Productivity Revised Down

Washington: The number of Americans filing new claims for unemployment benefits unexpectedly rose last week and non-farm productivity contracted more sharply than previously thought in the fourth quarter.

Initial claims for state unemployment benefits increased by 7,000 to a seasonally adjusted 320,000 for the week ended February 28, the Labor Department said on Thursday.

Economists polled by Reuters had expected claims to fall to 295,000 during the week.

In a second report, the department said productivity fell at a 2.2 per cent annual rate in the fourth quarter, instead of the 1.8 per cent pace it had reported last month.