Initial Jobless Claims Gain 3,000 to 287,000 in Week Ended Oct. 25

WASHINGTON — Initial claims for U.S. state unemployment benefits rose by 3,000 to 287,000 in the October 25 week, a slightly higher level than expected, the Labor Department reported Thursday.

The Labor Department said there were no special factors in the current week.

Expectations for this week's report was for a claims level of 282,000, a 1,000 decline from the previously reported 283,000 level in the Oct. 18 employment survey week. That week's claims were revised up to 284,000.

The initial claims seasonally adjusted 4-week moving average fell by 250 to 281,000 in the Oct. 25 week, a seventh straight decline and the lowest level since it was 279,250 in the May 6, 2000 week. 

Seasonal adjustment factors had expected a 4.5% increase, 11,639, in unadjusted initial claims for the Oct. 25 week. Instead, unadjusted claims rose by 14,187, or 5.5%, to 270,238 in the week, resulting in the increase in adjusted claims. The unadjusted level is well below the 325,326 level in comparable week a year ago.

The level of continuing claims for the Oct. 18 survey week came in at 2.384 million, an increase of 29,000 vs. the preceding week. In a survey week comparison, continuing claims are 58,000 less than the 2.442 million claims reported in the Sept. 13 survey week.

The 4-week moving average for continuing claims has been declining since the August 9 week, and it fell again in this report by 4,500 to 2,377,500, the lowest since the January 13, 2001 week, when it was 2,360,500.

The insured unemployment rate held steady at 1.8% after seasonal adjustment. The current week's level is down from the 2.2% rate a year ago.

The unemployment rate among the insured labor force is well below that reported monthly by the Labor Department because claims are approved for the most part only for job losers, not the job leavers and labor force reentrants included in the monthly report.

The Labor Department reported that a total of 2,061,139 persons claimed unemployment benefits in the October 11 week, a decline of 12,366 from the previous week, and well below the 3,899,605 level in the comparable week a year ago. These data are not seasonally adjusted, and include regular state claims, federal employee claims, newly discharged veterans claims, the extended benefits program, state additional benefits, and STC/Workshare claims.

Market News International is a real-time global news service for fixed-income and foreign exchange market professionals. See www.marketnews.com.

Market News International is a real-time global news service for fixed-income and foreign exchange market professionals. See www.marketnews.com.
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