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Financial News: U.S. Weekly Jobless Claims Unexpectedly Climb To 249,000

U.S. Weekly Jobless Claims Unexpectedly Climb To 249,000

11/16/2017 - 09:34:00 (RTTNews)

(RTTNews) - First-time claims for U.S. unemployment benefits unexpectedly increased in the week ended November 11th, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims rose to 249,000, an increase of 10,000 from the previous week's unrevised level of 239,000. Economists had expected jobless claims to edge down to 235,000.

The less volatile four-week moving average also climbed to 237,750, an increase of 6,500 from the previous week's unrevised average of 231,250.

The Labor Department said claims taking procedures continue to be severely disrupted in the Virgin Islands, while the ability to take claims has improved in Puerto Rico and they are now processing backlogged claims.

Continuing claims, a reading on the number of receiving ongoing unemployment assistance, dropped by 44,000 to 1.860 million in the week ended November 4th.

The four-week moving average of continuing claims also fell to 1,887,000, a decrease of 9,000 from the previous week's revised average of 1,896,000.

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