US Weekly Jobless Claims Rose to 8 Month High

New U.S. applications for unemployment benefits last week recorded their largest increase in eight months, but remained at levels consistent with a fairly healthy labor market.

Initial claims for state unemployment benefits rose 16,000 to a seasonally adjusted 276,000 for the week ended Oct. 31, the Labor Department said on Thursday. It was the largest weekly gain since late February.

Claims had hovered near 42-year lows for much of October.

The prior week’s claims were unrevised. It was the 35th straight week that claims were below the 300,000 threshold, which is normally associated with a strong jobs market.

Economists polled by Reuters had forecast claims rising to 262,000 last week. 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, rose 3,500 to 262,750 last week.

via CNBC

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 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