Jobless Claims Signal Slower Growth

After jumping because of strikes and floods, the number of new claims for unemployment benefits is holding at levels consistent with moderate job growth.

The Labor Department said Thursday that first-time applications for unemployment insurance totaled 322,000 last week, 5,000 more than the previous week but still in a range suggesting continued economic growth.

During the first quarter, jobless claims fell below 320,000 for eight straight weeks, the longest stretch in more than eight years. At the same time, the economy grew at a blistering 5.6 percent annual rate.

But in late April and early May, new claims neared the 350,000 mark because of auto workers strikes and devastating spring floods in the Midwest.