Initial jobless claims for the week ending October 12 were a seasonally adjusted 358k, the U.S. Department of Labor reports. This is a decrease from the prior week’s revised reading of 373k, but still higher than the low 300k figures we have been seeing lately. Initial jobless claims for the week not seasonally adjusted were 357k.
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California easily had the biggest increase in claims this week due to backlogged claims.
The insured unemployment rate for the week was a seasonally adjusted 2.2%, unchanged from the week prior.
The number of unemployment insurance recipients, or continuing claims, was a seasonally adjusted 2.859 million. This is a decrease from the prior week’s revised reading of 2.902 million.