U.S. Jobless Claims at 5-Mo. High

Those Americans filing applications for unemployment benefits rose to a five-month high last week, but this likely does not signal a shift in labour market conditions as claims for several states were estimated because of Monday’s holiday.

The Labor Department report shows initial claims for state unemployment benefits increased 14,000 to a seasonally adjusted 225,000 for the week ended Nov. 9, the highest reading since June 22. Data for the prior week was unrevised.

Economists polled by Reuters had forecast claims would climb to 215,000 in the latest week.

The four-week moving average of initial claims, considered a better measure of labour market trends as it irons out week-to-week volatility, rose only 1,750 to 217,000 last week.