Weekly Jobless Claims Rise by 13K, More than Expected

The Labor Department reported weekly jobless claims increased by 13,000 to 260,000 for the week ending October 15, more than the estimate for 250,000. The prior week was revised higher by 1,000 at 247,000

No state was triggered “on” the Extended Benefits program during the week ending October 1, according to the Labor Department, and there were no special factors impacting this week’s initial claims.

The four-week moving average–which is widely considered a better gauge–was 251,750, an gain of 2,250 from the previous week’s revised average. The previous week’s average was revised up by 250 from 249,250 to 249,500. While the report marks 85 consecutive weeks of initial claims below 300,000, the longest streak since 1970, it is also the case that longterm unemployment and reduced labor participation has simply shrunk the eligible pool of first-time applicants.

The highest insured unemployment rates in the week ending October 1 were in Alaska (2.7), Puerto Rico (2.5), the Virgin Islands (2.2), New Jersey (2.1), California (2.0), Connecticut (2.0), Pennsylvania (1.8), West Virginia (1.7), Massachusetts (1.6), Nevada (1.6), and Wyoming (1.6).

The largest increases in initial claims for the week ending October 8 were in California (+5,141), Pennsylvania (+3,698), Texas (+2,558), New York (+2,093), and Washington (+2,069), while the largest decreases were in South Carolina (-17) and Maine (-8).