The data from
the Labour Department showed on
Thursday that the number of applications for unemployment came
in below
expectations last week.
According to
the report, the initial claims for unemployment benefits declined by 19,000 to 241,000 for the week that ended October 12. This
was the first drop in first-time unemployment claims in three weeks.
Economists had expected
260,000 new claims last week.
Claims for the prior week
were revised upwardly to 260,000 from the original estimate of 258,000. That represented the highest weekly total since mid-June
2023.
Meanwhile, the
four-week moving average of jobless claims increased to
236,250 from an upwardly revised 231,500
(from 231,000) in the previous week. This marked
the
highest count in eight weeks.
As for
continuing claims, they rose to 1,867,000 from a downwardly revised
1,858,000 (from 1,861,000) in the previous week. This represented the highest
reading since late July. Economists
had foreseen continuing jobless claims of 1,870,000.