US jobless claims rise below estimates

Applications for US unemployment benefits rose by 3,000 to 221,000 in the week ended Nov. 2.

 

This came contrary to expectations for 220,000 claims compared to the previous week's reading, which was revised up by 2,000 to 218,000 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 9,750 to 227,250, compared to last week’s upwardly revised average of 237,000.

 

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

218.0

221.0

3.0

Four-Week Average (‘000)

211.75

237.0

227.25

(9.75)

Total Beneficiaries (mln)

1.823

1.853

1.892

0.039
 

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