US Jobless Claims Rise At October's End

US jobless claims rise at October's end

WASHINGTON,, (Pakistan Point News - 03rd Nov, 2016 ) - First-time claims for US unemployment benefits rose in the final week of October but the extended trend of low levels persisted, the Labor Department reported Thursday. Initial claims rose 7,000 to 265,000 seasonally adjusted in the week ending October 29, its highest point in three months. The result was above the consensus among analysts for 256,000. Even with the increase, the result marked an 87-week streak of initial claims for unemployment insurance below 300,000, which the Labor Department said was the longest run since 1970.

The four-week moving average for first-time claims rose slightly with the latest increase, to 257,750, up 4,750 from the previous week. The Labor Department is due to release the monthly employment report Friday which will be the last look at job creation and the unemployment rate before Tuesday's bitterly-contested presidential election, in which the economy has been a major issue. Jobs markets have seen steady growth in recent months. However, US monetary policymakers Wednesday refrained from raising rates, saying they prefer to wait for additional evidence of improving economic conditions.