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Investors’ hopes of an early economic recovery in the United States were setback on Thursday as data disappointed.

New claims for jobless insurance benefits in the United States posted an unexpected rise, official data showed amid share market concerns unemployment could slow economic recovery.

The seasonally adjusted initial claims in the week ending Feb. 13 rose to 473,000, an increase of 31,000 from the previous week’s revised figure of 442,000, the Labor Department said.

Most economists had expected about 430,000 claims.

Meanwhile, US January wholesale prices surged nearly double the increase expected as energy prices soared, official data showed on Thursday.

The producer price index for finished goods advanced a seasonally adjusted 1.4 percent, following a 0.4 percent rise in December, the department said.

Most analysts had expected a 0.8 percent increase in the PPI,The so-called “core” PPI, excluding foods and energy, was up 0.3 percent, higher than the 0.1 percent anticipated.

Energy goods prices drove the headline inflation figure, jumping 5.1 percent in the first month of the year following a 0.7 percent gain in December.

Elsewhere, Asia stocks were slightly lower on Thursday after rallying the previous day amid several signs of an improvement in the US economy.

Most of the region’s markets were little changed as investors looked for a new catalyst after Wednesday’s gains.

Investor sentiment has been bolstered this week by positive signs from the US economy.

Earnings reports that beat expectations are encouraging for Asian companies that sell goods to the world’s biggest economy.

Traders are watching for more possible moves by the Chinese government to slow economic growth and avoid asset bubbles. China raised its bank reserves requirement last week in a bid to cool lending, but so far investors brushed off concerns this could dampen regional growth.

Markets in China and Taiwan were closed for the Lunar New Year holiday.

South Korea’s Kospi stock index led decliners, dropping 6.24 points, or 0.4 percent, to 1,621.19 while Hong Kong’s Hang Seng index fell 12.12, or 0.1 percent, to 20,521.89. Singapore stocks slid 0.4 percent; India fell 0.2 percent. Japan’s Nikkei 225 stock average was up 28.86 points, or 0.3 percent, at 10,335.69 while stock benchmarks in Thailand and Malaysia rose 0.2 percent.

Oil prices fell below $77 a barrel on Thursday in Asia on signs gasoline and distillate demand in the US remain sluggish.

In currencies, the dollar rose to 90.85 yen from 90.57 yen. The euro fell to $1.3582 from $1.3602.

 

JG, AP