Jobless Claims --
More Americans than forecast filed applications for unemployment benefits last week, as jobless claims rose by 20,000 to 457,000 from a revised 437,000 the prior week, Labor Department figures showed today in Washington. The total number of people receiving unemployment insurance fell, while those on extended payments increased.
The pace of firings has held within a narrow range in 2010, showing employers continue to focus on cutting costs more than a year into the economic recovery. Calling progress toward lower joblessness and faster growth “disappointingly slow,” Federal Reserve policy makers yesterday announced plans to bolster the recovery through another round of large-scale asset purchases.
Claims have ''been relatively steady, consistent with lackluster to moderate labor market conditions,'' said Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida.
Natural Gas News --
The Energy Department's Energy Information Administration reported that natural gas inventories held in underground storage in the lower 48 states grew by 67 billion cubic feet to 3.821 trillion cubic feet for the week ended Oct. 29. Analysts expected the increase to range between 61 billion cubic feet and 65 billion cubic feet.
Non Farms Productivity --
The Labor Department reported that U.S. non-farm productivity increased at an annual rate of 1.9% after shrinking at a 1.8% pace in the second quarter. Unit labor costs fell at a 0.1% rate after rising a revised 1.3% in the second quarter. Economists had expected unit labor costs to rise at a 0.7% rate in the third quarter. Total non-farm output grew at a 3.0% rate in the July to September period, accelerating from a 1.6% rate in the second quarter. Hours worked increased at a slower 1.1% rate after a 3.5% pace in the second quarter.
