Drop in Job­less Claims Beats Mar­ket Ex­pec­ta­tions

The Bond Buyer - - Market News -

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.

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