US jobless rate rises as growth moderates

The number of Americans filing new claims for unemployment benefits rose marginally last week, indicating the labour market remained on solid footing despite slowing economic growth.

Output has slowed in the first quarter, undercut by a harsh winter, a strong dollar, weaker overseas growth and a now-settled labour dispute at West Coast ports, mostly transitory factors that should fade by the second quarter.

The Federal Reserve on Wednesday acknowledged the moderation in growth, but maintained its upbeat view of the jobs market and signalled it was nearing an interest rate increase by dropping the reference to being “patient” from its so-called forward guidance.