The key facts
- Initial jobless claims for the week ending October 17 fell to 194,000 versus forecasts of 200,000.
- Continuing claims rose by 25,000 to 1.728 million for the week ending October 10.
- In September, the US economy added only 29,000 jobs, and unemployment rose to 4.2%.
Initial Claims Came in Below Expectations
The number of Americans filing for unemployment benefits for the first time fell by 6,000 to 194,000 in the week ending October 17, according to data from the US Department of Labor published on Thursday. The market had expected a figure of 200,000. The previous week's figure was revised upward by 1,000 — from 199,000 to 200,000.
Moving Averages and Continuing Claims
The four-week moving average of initial claims, which smooths out weekly fluctuations, decreased by 1,000 to 197,750. Continuing claims, reflecting the number of people already receiving benefits, rose by 25,000 to 1.728 million in the week ending October 10. The previous week's figure was revised downward by 7,000 — to 1.703 million. The four-week moving average of continuing claims increased by 4,000 to 1.711 million. The seasonally adjusted insured unemployment rate for the week ending October 10 remained unchanged at 1.1%.
Labor Market Context
According to an earlier report from the Bureau of Labor Statistics, in September the US economy added only 29,000 nonfarm jobs, significantly below forecasts of 90,000. The unemployment rate in September rose to 4.2% from 4.1% in August.
