The number of Americans filing claims for jobless benefits was little changed last week, showing the labor market is making scant progress.
Applications for unemployment insurance payments decreased 1,000 in the week ended Oct. 8 to 404,000, U.S. Labor Department figures showed today. Economists forecast 405,000 claims, according to the median estimate in a Bloomberg News survey. The number of people on unemployment benefit rolls dropped to the lowest level in six months.
While U.S. employers hired more workers than anticipated in September, elevated firings signal companies may be slower to expand payrolls in the next few months. Political gridlock in Washington, with the Senate this week blocking the advance of President Barack Obama’s jobs plan, is another sign that any improvement on the job front will be slow to develop.
Estimates for first-time claims ranged from 390,000 to 415,000 in the Bloomberg News survey of 50 economists. The U.S. Labor Department initially reported the prior week’s applications at 401,000.
