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LINK WASHINGTON (AP) -- The number of Americans filing new claims for unemployment benefits surged last week to their highest level in a month, reflecting to some extent the impact of snowstorms that raked parts of the country.

The Labor Department reported today that 301,000 Americans filed new claims for jobless benefits for the week ending Feb. 5, up by 27,000 from the previous week. That was the highest level since Jan. 8, when claims were at 311,000.

Many analysts had forecast claims of about 280,000.

Government officials blamed a portion of the rise on recent snows that buried the East and parts of the South, resulting in the loss of some jobs, but they had no specific information. However, some economists had been predicting claims would rise as people dug out from the snow and made it into unemployment offices to file claims.

The more stable four-week moving average of claims, which smooths out week-to-week volatility, fell sharply last week to 276,250, the lowest level since Dec. 15, 1973, when claims were at 256,750.

Economists consider jobless claims below 300,000 an indication of an extremely tight labor market, meaning it's difficult for employers to find qualified workers to fill job openings.

Given that, some high-tech employers are turning to citizens of other countries to fill key positions. Efforts are under way in Congress to increase the number of temporary visas granted to foreigners with college degrees.

The tight labor market is good news for workers as it gives them more leverage and helps them feel more in control of their economic situation. But economists worry that employers will seek to attract qualified workers with higher wages and benefits, increased costs that could lead to wage and price inflation.

The Federal Reserve raised interest rates last week for the fourth time since June in an effort to slow the robust economy and keep inflation from escalating. The booming economy has pushed the nation's unemployment rate down to a 30-year low of 4 percent.

Today's report also said that for the week ending Jan. 29, 31 states and territories reported increases in new jobless claims applications, while 21 reported decreases. The state data lag a week behind the national figures.

The state with the biggest increase was New York, an area hit hard by the snow. It saw claims rise by 3,586. Officials, however, didn't offer a reason for the increase.

Other states with big increases were: Illinois, up 2,687; Missouri, up 1,914; California, up 1,701; and Indiana, up 1,391.

The state with the biggest decrease was Alabama, down 5,377. Officials attributed the decline to fewer layoffs in the lumber-wood, service and textile industries.

Other states with big decreases were: Texas, down 2,127; Massachusetts, down 1,809; Tennessee, down 1,753; and South Carolina, down 1,493.

Copyright ) 2000 Associated Press Information Services, all rights reserved.

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-- Dee (T1Colt556@aol.com), February 10, 2000

Answers

Also see...

http://www.dismal.com/economy/releases/dyn_release.asp?r=usa_claims

-- Linkmeister (link@librarian.edu), February 10, 2000.

Linkmeister,

Thank you for the additional link. =)

-- Dee (t1colt556@aol.com), February 10, 2000.

Dee,

You're welcome, and thanks for your post as well.

For anyone who tracks current economic info, The Dismal Scientist site is a great source:

http://www.dismal.com/

-- Linkmeister (link@librarian.edu), February 10, 2000.