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Financial News: U.S. Weekly Jobless Claims Rebound To 233,000

U.S. Weekly Jobless Claims Rebound To 233,000

10/26/2017 - 08:56:00 (RTTNews)

(RTTNews) - After reporting first-time claims for U.S. unemployment benefits at their lowest level in over forty years in the previous week, the Labor Department released a report on Thursday showing a modest rebound in initial jobless claims in the week ended October 21st.

The report said initial jobless claims rose to 233,000, an increase of 10,000 from the previous week's revised level of 223,000.

Economists had expected jobless claims to edge up to 235,000 from the 222,000 originally reported for the previous week.

Meanwhile, the Labor Department said the less volatile four-week moving average fell to 239,500, a decrease of 9,000 from the previous week's revised average of 248,500.

Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also dipped by 3,000 to 1.893 million in the week ended October 14th.

The four-week moving average of continuing claims slipped to 1,903,500, a decrease of 4,500 from the previous week's revised average of 1,908,000.

The Labor Department noted claims taking procedures continue to be severely disrupted in Puerto Rico and the Virgin Islands as a result of power outages and infrastructure damage caused by Hurricanes Irma and Maria.

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