US jobless claims fall to lowest since May

Applications for US unemployment benefits fell by 12,000 to 216,000 in the week ended Oct. 26, reaching its lowest level since May.

 

This came contrary to expectations for 230,000 claims compared to the previous week's reading, which was revised up by 1,000 to 228,000 applications.

 

The four-week moving average for new jobless claims, a more reliable indicator of labor market trends as it smooths out weekly fluctuations, fell by 2,250 to 236,500, compared to last week’s upwardly revised average of 238,750.

 

The data comes a day before the release of the monthly nonfarm payrolls report, which is expected to show that 110,000 jobs were added in October.

 

Weekly US Jobless Claims

Item

Last Year

Previous Week

Latest Week

Change

Initial Claims (‘000)

216.0

228.0

216.0

(12)

Four-Week Average (‘000)

210.5

238.75

236.5

(2.25)

Total Beneficiaries (mln)

1.816

1.888

1.862

(0.026)

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