US Jobless Falls But California Backlog Still Unaccounted

The number of Americans filing new claims for unemployment benefits dropped from a six-month high last week, but remained elevated as California continued to deal with a backlog related to computer problems.

Initial claims for state unemployment benefits fell 15,000 to a seasonally adjusted 358,000, the Labor Department said on Thursday. Economists polled by Reuters had expected first-time applications to fall to 335,000 last week.

A Labor Department analyst said claims in California, which has experienced technical problems during a conversion to a new computer system, remained at similar levels as in the prior week.

There had not been a perceptible increase in filings last week from non-federal workers furloughed because of the just-ended government shutdown, the analyst said.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza