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Weekly jobless increase

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Weekly jobless increase

Weekly claims figure of 259,000 beats analysts’ expectations.

The Labor Department today reported that seasonally-adjusted initial claims for unemployment insurance for the week ended October 17 were 259,000, an increase of 3,000 from the previous week's revised figure.  

Analysts had expected claims to increase to 265,000.

The 4-week moving average, which smoothes out volatility to a certain extent, decreased 2,000 to 263,500.

The 4-week moving average fell to a 42-year low, and claims overall have stayed below the 300,000 level for 33 weeks, both of which indicate a strong labor market in the US.

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