Drop in Jobless Claims Beats Market Expectations
Initial claims U.S. state unemployment benefits fell by 12,000 to 260,000 in the Sept. 30 week, below the 266,000 level expected, data released by the Labor Department Thursday showed.
Unadjusted filings in Texas fell by 3,040, while filing were down 3,765 in Florida, down by 2,180 in Georgia, and down 175 in Puerto Rico, the only state estimated. Claims were up 971 in the Virgin Islands to 1,039, a huge gain from 68 in the previous week.
While the level of filings remains elevated, it appears the major impact of the hurricanes has started to pull back.
The four-week moving average for initial claims, a better measure of the underlying trend of the data, fell by 9,500 to 268,250 in the Sept. 30 week, as the recent peak of 298,000 in the September 2 week rolled out of the calculation. The average could fall further next week, as the 281,000 level in the September 9 week will drop out.