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Jobless claims average up 4,750, initial claims hit highest level in almost three months

November 03, 2016

The US four-week moving average of initial claims for unemployment insurance rose to 257,750 last week, up 4,750 from the previous week’s unrevised average, according to seasonally adjusted numbers released today by the US Department of Labor.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended Oct. 29 were 265,000, up 7,000 from the previous week’s unrevised level.

This marks 87 consecutive weeks of initial claims below 300,000, the longest streak since 1970.

No special factors affected this week’s initial claims.

Bloomberg reports filing for unemployment benefits unexpectedly rose to the highest level in almost three months, extending increases from a four-decade low. The median forecast in its survey of economists called initial claims to drop to 256,000. Even with the increase, initial claims are in line with the 264,000 average for 2016, as a dwindling pool of skilled and experienced job hunters keeps employers from firing workers, according to Bloomberg.