The data from
the Labor Department revealed on Thursday the number of applications for
unemployment benefits unexpectedly decreased last week, suggesting the labor
market remains on solid footing.
According to the report, the initial claims for unemployment benefits fell by 10,000 to a seasonally adjusted 220,000 for the week ended October 5.
Economists had expected 219,000 new claims last week.
Claims for the prior week were revised upwardly to 220,000 from the initial estimate of 219,000.
Meanwhile, the four-week moving average of claims increased by 1,000 to 213,750 last week.
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