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November 02, 9:10 AM EDT
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The jobless claims report come one day before the release of the unemployment data for October. The number of workers applying for unemployment benefits in the U.S. rose for the second week in a row and surpassed economists’ expectations. Initial claims for the week ended Oct. 21 increased to a seasonally adjusted 217,000 from a revised 212,000 in the previous week and came in above the prediction of 210,000, the Labor Department reported on Thursday.
The four-week moving average reached 210,000 in the report, up from 208,000. Other data revealed New jobs in October amounted to 113,000, a rise from September’s 89,000, according to payroll processor ADP, which was short of the estimate of 150,000 from a Reuters survey of economists.
The U.S. central bank said in a statement following its decision to keep interest rates unchanged that while job gains had moderated since earlier on in the year they were still substantial, the unemployment rate staying low. The Fed underscored the fact that the current level of interest rate, between 5.25 and 5.5 percent, remain a uncertainty when looking at economic activity, its effect on hirings and inflation alike.
Friday will sees the official report from the Labour Department for employments and unemployment data for the month of October. Last month new jobs increased to 336,000, the highest in eight months, while the unemployment stood unchanged at 3.8%, potentially suggesting the same will be reported this week.
