First Time Jobless Claims Jump 13K

Initial jobless claims moved higher in the October 15 week but the rise, up a tangible 13,000 to 260,000, is not due to the aftermath of Hurricane Matthew. The October 15 week was also the sample week for the October employment report and a comparison with the September sample week is mixed. The 260,000 level is up 9,000 from the September week but the 4-week average is 6,500 lower, at 251,750 vs 258,250. Results out of Florida, Georgia and South Carolina, the three states hit hardest by Matthew, show little change.

The tie breaker for the monthly employment report will have to be continuing claims but the results will have to wait until next week as this series is reported with a 1-week delay. And continuing claims are looking favorable, at 2.057 million in data for the October 8 week which is slightly below the month-ago trend.

Today's results will not raise expectations for strength in October employment but the sample-week gap is far from monstrous and levels for initial claims remain near historic lows.

Recent History Of This Indicator:
Initial jobless claims have been tracking at historic lows and pointing to healthy conditions in the labor market. The October 15 week is the sample week of the monthly jobs report and initial claims, seen little changed at 250,000, will offer the first hard indication on what the October employment report is likely to look like.