Jobless claims rise 2.8%; most analysts expected a decline
Initial jobless claims rose 2.8% last week to 462,000, coming in well above most analysts' estimates. The Labor Department said the seasonally adjusted figure of initial claims for the week ended Oct. 9 increased by 13,000 from the previous week's revised figure of 449,000. Analysts surveyed by Econoday were projecting claims to drop by a few thousand to 443,000 with a range of estimates between 425,000 and 455,000. A Briefing.com survey put the number of jobless claims at 450,000, and economists polled by MarketWatch expected 444,000. The four-week moving average rose for a the first time in almost two months to 459,000 claims from a revised average of 456,750, according to the Labor Department data. The seasonally adjusted insured unemployment rate was once again 3.5%, down slightly from a revised 3.6%. Write to Jason Philyaw.