Rise in filings for unemployment benefits less than expected.
Fewer people than expected filed for unemployment benefits in the week ending Oct. 1. First-time jobless claims rose slightly to 401,000, an increase of 6,000 from the previous week’s revised figure of 395,000, the Commerce Department announced today. Economists had forecast new applications to rise to 410,000, according to the median estimate in a Bloomberg News survey. The four-week moving average, a less volatile number that flattens out week-to-week fluctuations in the data, was 414,000, a decrease of 4,000 from the previous week’s revised average of 418,000, and the lowest level since the end of August. The number of Americans filing for continuing unemployment claims during the week ending Sept. 24 was 3,700,000, a decrease of 52,000 from the previous week’s revised level of 3,752,000. The four-week moving average was 3,739,000, a decrease of 9,750 from the preceding week’s revised average of 3,748,750. States reported 3,027,447 persons claiming emergency unemployment benefits in the week ended Sept. 17, a decrease of 9,188 from the prior week. The total number of people claiming benefits in all programs ending Sept. 17 was 6,862,004, a decrease of 123,009 from the previous week. The largest increases in initial claims for the week ending Sept. 24 were in Alabama, Illinois, Oregon, and Puerto Rico. The largest decreases were in Connecticut, Georgia, New York, North Carolina, and Pennsylvania