Initial claims for unemployment benefits in the United States fell in line with the consensus expectation, holding steady at 479k in the week ending Oct. 25, the Department of Labor reported on Thursday. Continuing claims fell to 3.715 million for the week ending Oct. 18, lower than the 3.735 million expected.
Initial jobless claims were expected to fall back slightly to 475k. Last week's figure was revised up by 1k to 479k.
Due in part to regulations extending benefits and the impact of Hurricanes Gustav and Ike, jobless claims hit a seven-year high of 499k four weeks ago.
The four-week moving average for initial claims is now 475k, down slightly from 480k last week.
Continuing claims were expected to come in at 3.735 million for the week ending Oct. 18, following the previous week's upwardly revised figure of 3.727 million.
Continuing claims have been above the 3 million mark for 25 consecutive weeks. The four-week moving average is now 3.709 million, up from the moving average of 3.681 million in the previous week.
Claims have recently been higher than normal following new rules introduced by the Department of Labor that made filing for unemployment benefits easier, as well as effects from recent hurricanes, although economists agree those effects are beginning to wear off.
By Stephen Huebl and edited by Nancy Girgis
©CEP News Ltd. 2008