Unemployment rises for first time in the last seven weeks

Initial jobless claims were higher than forecasts, rising 13,000 to 462,000 in the week ending October 9th. The four-week average of claims rose 2,250 to 459,000.  This is the first increase in the four-week average of claims in seven weeks and only the second rise in two months.

 Zach Pandl, an economist at Nomura Securities explains, "The labor market is kind of frozen right now.  There's not a lot of hiring going on, not a lot of quitting, not a lot of layoffs."

Jobless claims rose in the first week of October, which the Labor Department attributed to quarter-end effects. The rise broke a string of six consecutive weekly declines in the four-week average of claims. If the Labor departments’s explanation is true, claims could fall between 10,000-15,000 next week.

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