Labour Department: Unemployment aid claims have gone up by 7,000 to a seasonally adjusted 265,000

WASHINGTON, U.S. - According to latest statistics released by the Labor Department, unemployment aid claims have gone up by 7,000 to a seasonally adjusted 265,000. This is the highest number of ...


• Economists expect to see an increase of 170,000 jobs

• U.S. central bank to increase interest rate

• Less hiring, unemployment on the rise

WASHINGTON, U.S. - According to latest statistics released by the Labor Department, unemployment aid claims have gone up by 7,000 to a seasonally adjusted 265,000. This is the highest number of claims since early August. 

Even though an increasing number of Americans have applied for unemployment benefits over the last week - reports said that jobless claims still remain at their highest levels, suggesting that more workers enjoy job security. 

In a research note, Ian Shepherdson, chief economist at Pantheon Macroeconomics said, “The level of claims remains extremely low, signaling that businesses are keen to hang onto staff, presumably because they are fundamentally quite optimistic about business conditions.”

The claims were still said to be below 300,000 for the 87th straight week. This, reportedly is the longest such streak since the year 1970.

Further, the number of Americans (2.03 million) collecting unemployment checks were down more than 7 percent from a year back, which is the lowest since June 2000.

Even though the pace of hiring has slowed down in 2016 - in the month of September, the unemployment rate was at 5 percent, which is considered to be full employment, by economists. Statistics of hiring for the month of October would be released on Friday.    

Each month this year, employers have hired 178,000 people - while the monthly average in 2015 was 229,000.

A survey conduced by FactSet stated that economists expect to see an increase of 170,000 jobs and a drop in the unemployment rate to 4.9 percent.

The recently released report by U.S. Department of Labor, mentioned that there were 10,740 former Federal civilian employees claiming Unemployment Insurance benefits for the week ending October 15, an increase of 1,605 from the previous week.

Newly discharged veterans claiming benefits totalled 13,676, an increase of 401 from the prior week. 

The highest insured unemployment rates in the week ending October 15, were in Alaska (3.1), Puerto Rico (2.7), the Virgin Islands (2.7), New Jersey (2.2), California (2.0), Connecticut (2.0), Pennsylvania (1.8), Nevada (1.7), West Virginia (1.7), and Illinois (1.6). 

The largest increases in initial claims for the week ending October 22, were in North Carolina (+2,389), Illinois (+1,743), Pennsylvania (+1,641), Ohio (+701), and Washington (+700), while the largest decreases were in Kentucky (-4,073), Michigan (- 1,890), California (-1,604), New York (-1,240), and Florida (-450).

 

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