Jobless applications In the US jump to 300,000

Americans are feeling the heat as the number of people seeking U.S. unemployment benefits jump last week to above 300,000, the highest in almost three months.

The Labor Department on a report last Wednesday said the weekly applications went up by 21,000 to 313,000. Making it the highest level since the beginning of September. Using a four-week average which is a less volatile indicator, it went up by 6,250 to 294,000.

This increase will not cause any concerns about the overall status of the job market. Some of it were due to seasonal layoffs in business sectors that are affected by cold weather like construction. Claims were under 300,000 for 10 weeks consecutively, which is not the normal level this shows that companies are laying off less workers.

The jobless rate fell to 5.8%, this is the lowest in 6 years, down from 7.2% last year.