ECON: Jobless Claims Higher Than Expected
- 350k vs 340k forecast, 362k previously
- Continued Claims 2.874 mln vs 2.875 mln forecast
- Market reaction: Bond markets unable to rally past morning's best levels so far. First detectable move is weaker (lower MBS prices).
In the week ending October 12, the advance figure for seasonally adjusted initial claims was 358,000, a decrease of 15,000 from the previous week's revised figure of 373,000. The 4-week moving average was 336,500, an increase of 11,750 from the previous week's revised average of 324,750.
The advance seasonally adjusted insured unemployment rate was 2.2 percent for the week ending October 5, unchanged from the prior week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending October 5 was 2,859,000, a decrease of 43,000 from the preceding week's revised level of 2,902,000. The 4-week moving average was 2,875,750, an increase of 17,750 from the preceding week's revised average of 2,858,000.