Initial jobless claims higher than forecast for October

Initial claims climbed to 457,000 in the October 30 week vs 437,000 in the prior week (revised from 434,000) and vs 455,000 in the week before that. The four-week average which rose a mild 2,000 to 456,000 for a slight improvement from the month-ago readings.

Continuing claims extend cyclical their decline, down 42,000 to 4.340 million in the October 23 week with the four-week average down 43,000 to 4.411 million.

There is not too much we should read in today's number because they are often revised and the 4-week average is more telling.  Today's report is mixed underscored by a jump higher for those on emergency compensation and extended benefits. Still, the month-on-month readings show mild improvement pointing to mild improvement for tomorrow's monthly employment report. 

Unemployment Claims since June 2008

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