WASHINGTON -- Initial claims U.S. state unemployment benefits fell by 15,000 to 243,000 in the Oct. 7 week, below the 252,000 level expected and very close to pre-hurricane levels, data released by the Labor Department Thursday showed.
Unadjusted claim filings in Florida fell by 1,343, while claims were down 210 in Puerto Rico and up 100 in the Virgin Islands, which was estimated. While the level of claims remains elevated in those areas, it appears initial filings have started to taper off.
Claims data were also estimated in South Carolina and Virginia.
The four-week moving average for initial claims, a better measure of the underlying trend of the data, fell by 9,500 to 257,500 in the Oct. 7 week, as the 281,000 level in the September 9 week rolled out of the calculation. The average could decline further next week, as the 260,000 level in the Sept. 16 week will drop out.
Seasonal adjustment factors had expected an increase of 18.1%, or 37,118, in unadjusted claims. Instead, unadjusted claims rose by 23,384 to 228,046. The current week's level was down from the 238,581 level in the comparable week a year ago.
The level of continuing claims fell by 31,000 to 1.889 million in the Sept. 30 week, the lowest level since the December 29, 1973 week. As a result, the seasonally adjusted insured unemployment rate declined to 1.3% after posting at 1.4% every week since the April 8 week. The current week's rate is down from 1.5% in the same week a year earlier.
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 re-entrants included in the monthly report.
