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Weekly jobless claims jump

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Weekly jobless claims jump

Largest weekly increase in eight months.

The Labor Department today reported that seasonally-adjusted initial claims for unemployment insurance for the week ended October 31 were 276,000, an increase of 16,000 from the previous week's figure.  

Analysts had expected claims to stay steady at 260,000.

The 4-week moving average, which smoothes out volatility to a certain extent, increased 3,500 to 262,750.

Despite the increase last week, the 4-week moving average remains near a 42-year low, and claims overall have stayed below the 300,000 level for 35 weeks, both of which indicate a strong labor market in the US.

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