RE: My week's up !Welcome back Facts. Jobless claim numbers came out yesterday. [see below] What numbers are we looking for today?
Regards, DH
U.S. jobless claims fall
By TERRY WEBER
Globe and Mail Update
The number of Americans seeking first-time unemployment benefits fell more than expected last week, but at least part of the decline was likely the result of improved working conditions in hurricane-wracked Florida, the U.S. Department of Labour said Thursday.
For the week ended Oct. 30, a total of 332,000 first-time claims were filed, down from 351,000 the week before. The week-earlier number was revised up slightly from previous estimates of 350,000.
Economists polled by Briefing.com had expected first-time claims in the most recent period to total 340,000.
Part of the weekly decline was linked to fewer claims in Florida as the state gets back on its feet after a series of devastating hurricanes this summer.
Tuesday's better-than-expected overall number comes a day before the Labour Department's highly anticipated October non-farm payrolls report. Economists have been hoping to see strength in the monthly figure after a series of disappointing reports.
On average, economists are predicting that non-farm payrolls rose by about 175,000 new positions in October, improving on September's gain of 96,000 new jobs.
Even if the improvement comes through, it still suggests that job creation is performing below its long-term potential. Most analysts say a fully functioning U.S. economy can generate in excess of 250,000 new jobs a month.
Next week, the Federal Reserve — which has already boosted borrowing costs three times this year — makes its next decision on interest rates. Most analysts expect to see another increase although some also suggested that the Fed could also move to the sidelines in December if the economy's uneven performance persists.
According to Thursday's report, the four-week moving average of claims — which takes some of the volatility out of the weekly indicator — fell by 1,500 to 342,000.