U.S. Jobless Claims Climb To Highest Level In Over A Year
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(RTTNews) - The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits increased by much more than expected in the week ended October 5th.
The report said initial jobless claims climbed to 258,000, an increase of 33,000 from the previous week's unrevised level of 225,000. Economists had expected jobless claims to edge up to 230,000.
With the much bigger than expected increase, jobless claims reached their highest level since hitting a matching figure in the week ended August 5th, 2023.
The Labor Department said the less volatile four-week moving average also rose to 231,000, an increase of 6,750 from the previous week's unrevised average of 224,250.
Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also climbed by 42,000 to 1.861 million in the week ended September 28th.
The four-week moving average of continuing claims also edged up to 1,832,000, an increase of 4,500 from the previous week's revised average of 1,827,500.
Last Friday, the Labor Department released a more closely watched report showing employment in the U.S. increased by much more than expected in the month of September.
The Labor Department said non-farm payroll employment jumped by 254,000 jobs in September after climbing by an upwardly revised 159,000 jobs in August.
Economists had expected employment to rise by 140,000 jobs compared to the addition of 142,000 jobs originally reported for the previous month.
The report also showed the unemployment rate edged down to 4.1 percent in September from 4.2 percent in August. Economists had expected the unemployment rate to remain unchanged.
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