US jobless claims fall below estimates

The number of jobless claims in the US declined last week as the repercussions of Hurricanes Helene and Milton fade.

According to data released today, Oct. 24, by the Department of Labor, initial jobless claims decreased by 15,000 to 227,000 during the week ended Oct. 19, missing expectations for a rise to 245,000 claims.

Additionally, the previous week's data was revised upward by 1,000 to 242,000 claims.

The four-week moving average of jobless claims (a more accurate measure of labor market performance) increased by 2,000 to 238,500, up from the previous week's revised average of 236,500, data showed.

Some of the recent rise in jobless claims over the past few weeks may be attributed to the effects of Hurricane Helene, with a sharp rise in claims in Florida and North Carolina. However, as the damage was cleared in the last week, jobless claims have started to decline again.