Retail Sales
A separate report from the Commerce Department today showed retail sales in the U.S. declined in January by the most since June 2012 as inclement weather kept consumers away from auto showrooms and stores. The 0.4 percent decrease followed a revised 0.1 percent drop in December that was previously reported as an increase, the Commerce figures showed.
Stocks were higher after the figures. The Standard & Poor’s 500 Index rose 0.2 percent to 1,822.34 at 12:06 p.m. in New York.
The Labor Department’s report showed the four-week average of claims, a less-volatile measure than the weekly figure, increased to 336,750 from 333,250 the week before.
The number of people continuing to receive jobless benefits decreased by 18,000 to 2.95 million in the week ended Feb. 1.
The unemployment rate among people eligible for benefits held at 2.3 percent in the week ended Feb. 1, today’s report showed.
Initial jobless claims reflect weekly firings and typically wane before job growth can accelerate. Barnes & Noble Inc. (BKS) is among those paring staff as revenue at its Nook tablet unit continues to shrink.