US weekly jobless claims increase, but labor market firming
SPY•Initial US jobless claims rose 9,000 to 200,000 in the week ended November 7, above economists’ forecast of 195,000. Continuing claims fell 20,000 to 1.697 million.
1. Initial claims rise
Initial claims for state unemployment benefits increased by 9,000 to a seasonally adjusted 200,000 in the week ended November 7, the Labor Department said. Claims have stayed at or below 200,000 since mid-September and remained close to the 189,000 level reached in mid-July.
2. Continuing claims fall
The number of people receiving benefits after an initial week of aid fell 20,000 to a seasonally adjusted 1.697 million in the week ended October 31. Some unemployed people are not included in continuing claims, and some may have exhausted eligibility, which is limited to 26 weeks in most states. Economists differed on whether the low claims level reflected a tightening labor market or a smaller workforce.
