US initial jobless claims rise more than expected

Initial jobless claims climbed to 276,000 last week.

Economists had forecast, according to Bloomberg, that the Department of Labour’s data showed first-time claims for unemployment insurance totaled 262,000 last week, up 2,000 from the prior period.

The four-week moving average, which evens out some of the weekly volatility, rose to 262,750.

Last week, the four-week moving average fell to 259,250, and marked yet another low since 1973.

The Labour Department reported no special factors impacting the data.

“The continued low level of claims suggests that the recent slowing in payroll growth will be short-lived,” wrote UBS economists in a client preview.

The jobs report for October is set for release on Friday.

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