Weekly jobless claims rose 4.5% to 457,000
Initial jobless claims rose 4.5% last week to 457,000, which is well above analysts' estimates and at the highest rate since the end of last year. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Oct. 30 increased by 20,000 from the previous week's figure of 437,000, which was revised upward a few thousand. Analysts surveyed by Econoday expected claims to rise to 443,000 with a range of estimates from 430,000 to 450,000. A Briefing.com survey put the number of jobless claims at 450,000, and economists polled by MarketWatch expected 445,000 claims. The four-week moving average rose to 456,000 claims from a downwardly revised average of 454,000 for the prior week, according to the Labor Department data. The seasonally adjusted insured unemployment rate was 3.4%, down slightly from a revised 3.5%. The Labor Department is set to report employment figures for October on Friday. Analysts predict increases in both nonfarm payrolls and private-sector employment, and an unemployment figure of 9.6% or 9.7%. Write to Jason Philyaw.