U.S. Jobless Claims See Unexpected Rise
U.S. jobless claims rose last week, according to a U.S. Labor Department report. In the week ending November 8, the advance figure for seasonally adjusted initial claims was 290,000, an increase of 12,000 from the previous week’s unrevised level of 278,000. The 4-week moving average was 285,000, an increase of 6,000 from the previous week’s unrevised average of 279,000, according to the report.
There were no special factors impacting this week’s initial claims, the Labor Department reported. The advance seasonally adjusted insured unemployment rate was 1.8% for the week ending November 1, unchanged from the previous week’s unrevised rate.
“The labor market is doing quite well,” said Tom Simons, an economist at Jefferies LLC in New York, told Bloomberg in a related report. “It’s definitely beneficial for households. Better labor-market data and low gas prices should make for a good holiday season.”
Bloomberg reported employers added 214,000 workers to payrolls in October and the jobless rate fell to 5.8%, the lowest since July 2008. Employment has climbed by at least 200,000 for nine consecutive months, putting the U.S. job market on track for its best showing in 15 years, according to Bloomberg.
To view the full U.S. Labor Department report, click here.
To view the full Bloomberg report, click here.