Initial Claims Fall Slightly to 404,000; Firings Offset Hiring
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New applications for jobless claims stayed rather flat for the week ended October 8th, data from the Labor Department showed Thursday. showing that there is still some stagnation in the jobs market.
Applications fell just 1,000 to 404,000 last week, slightly below the 405,000 expected by economists.
While hiring rose, firings also rose to nearly even-out the difference.
The initial prior week reading was revised higher from 401,000.
Bloomberg noted the four-week moving average for claims fell 7,000 to a two-month low of 408,000.
Continuing claims for the week ended October 1st fell 55,000 to 3.67 million. Those collecting emergency claims above and beyond allotted amounts increased 2,300 to 3.55 million for the week ended September 24th.
Among those eligible for benefits, the unemployment rate fell from 3.0 percent to 2.9 percent.
Of total initial claims, 30 states and territories reported an increase, while 23 had a decrease.
The data points follow nonfarm payroll results late last week which showed an increase of 103,000, much more robust than the 60,000 expected.
In September, the FOMC minutes showed "Two members said that current conditions and the outlook could justify stronger policy action, but they supported undertaking the maturity extension program at this meeting as it did not rule out additional steps at future meetings." FOMC members Fisher, Kocherlakota, and Plosser said they did not support additional policy accommodation at this time -- somewhat expected.
Applications fell just 1,000 to 404,000 last week, slightly below the 405,000 expected by economists.
While hiring rose, firings also rose to nearly even-out the difference.
The initial prior week reading was revised higher from 401,000.
Bloomberg noted the four-week moving average for claims fell 7,000 to a two-month low of 408,000.
Continuing claims for the week ended October 1st fell 55,000 to 3.67 million. Those collecting emergency claims above and beyond allotted amounts increased 2,300 to 3.55 million for the week ended September 24th.
Among those eligible for benefits, the unemployment rate fell from 3.0 percent to 2.9 percent.
Of total initial claims, 30 states and territories reported an increase, while 23 had a decrease.
The data points follow nonfarm payroll results late last week which showed an increase of 103,000, much more robust than the 60,000 expected.
In September, the FOMC minutes showed "Two members said that current conditions and the outlook could justify stronger policy action, but they supported undertaking the maturity extension program at this meeting as it did not rule out additional steps at future meetings." FOMC members Fisher, Kocherlakota, and Plosser said they did not support additional policy accommodation at this time -- somewhat expected.
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