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Initial claims for state unemployment benefits rose 16,000 to a
seasonally adjusted 276,000 for the week ended Oct. 24, the
Labor Department said on Thursday. It was the largest weekly
gain since late February.
Claims had hovered near 42-year lows for much of October. The
prior week's claims were unrevised.
It was the 35th straight week that claims were below the 300,000
threshold, which is normally associated with a strong jobs
market.
Economists polled by Reuters had forecast claims rising to
262,000 last week. A Labor Department analyst said there were no
special factors influencing the data.
The four-week moving average of claims, considered a better
measure of labor market trends as it strips out week-to-week
volatility, rose 3,500 to 262,750 last week. Last week's claims
report has no bearing on the October employment report due for
release on Friday.
New applications for jobless benefits were low last month
relative to September. According to a Reuters survey of
economists, nonfarm payrolls increased 180,000 in October, well
above the average gain of 139,000 jobs for August and September.
The unemployment rate is forecast at 5.1 percent.
The claims report showed the number of people still receiving
benefits after an initial week of aid increased 17,000 to 2.16
million in the week ended Oct. 24. The four-week moving average
of continuing claims fell 11,500 to 2.16 million, the lowest
level since November 2000.
The trend in continuing claims suggests more long-term
unemployed are finding work.
(Reporting By Lucia Mutikani; Editing by Andrea Ricci)
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