US weekly jobless claims post largest gain in five months

The number of Americans filing new applications for unemployment benefits increased the most in five months last week, but the underlying trend in claims remained consistent with a steadily slowing labor market.

The larger-than-expected increase in initial claims reported by the Labor Department on Thursday was likely the result of snowstorms in many parts of the Midwest and Northeast. The data also included the Presidents' Day holiday, which could have injected some volatility. There were no signs yet that mass layoffs of federal government employees were boosting claims, though that could change in the coming weeks as more workers are fired.