U.S.
jobless claims up slightly, four-week average lowest
since 1973
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[October 22, 2015] WASHINGTON
(Reuters) - The number of Americans filing new applications for
unemployment benefits rose less than expected last week, remaining at
levels consistent with a fairly healthy labor market. Initial claims for
state unemployment benefits increased 3,000 to a seasonally adjusted
259,000 for the week ended Oct. 17, the Labor Department said on
Thursday. They remained not too far from levels last seen in late 1973.
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Claims for the prior week were revised to show 1,000 more
applications received than previously reported. It was the 33rd
straight week that claims were below the 300,000 threshold, which is
normally associated with a firming jobs market.
At current levels, there is not much scope for claims to fall
further and the very low level of layoffs suggests the labor market
remains in good shape, despite a recent abrupt slowdown in job
growth.
Economists polled by Reuters had forecast claims rising to265,000
last week. The data included the Columbus Day holiday, which could
have affected claims last week given that they tend to be volatile
around public holidays.
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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, slipped 2,000 to 263,250 last week, the
lowest level since December 1973.
The claims report covered the period during which the government
surveyed employers for the payrolls portion of October's
unemployment report. The four-week moving average of claims fell
9,250 between the September and October survey periods. That
suggested a pick-up in job gains this month.
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Nonfarm payroll gains in August and September averaged 139,000, the
weakest two-month rise since January last year. The claims report
showed the number of people still receiving benefits after an
initial week of aid rose 6,000 to 2.17 million in the week ended
Oct. 10.
The four-week moving average of continuing claims was the lowest
since late 2000, suggesting further declines in the unemployment
rate.
(Reporting By Lucia Mutikani; Editing by Andrea Ricci)
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