"We're not going anywhere quickly in the jobs market"
- Ryan Sweet, senior economist at Moody's Analytics Inc.
The number of people who applied for U.S. jobless benefits rose less than expected in the week ended September 29, the U.S. Department of Labor said Thursday. Initial applications for unemployment benefits increased 4,000 to 367,000, below analysts' expectations for an increase of 7,000 to 370,000. The four-week moving average remained unchanged at 375,000.
"We're not going anywhere quickly in the jobs market," said Ryan Sweet, senior economist at Moody's Analytics Inc. "The job market is just more of the same. Layoffs aren't the big problem, it's the lack of hiring."
"The trend is still looking fairly stable. The labor market is improving but it is not really gathering direction for better or worse, it is still just plodding along," said Sean Incremona an economist at 4CAST in New York.
The Standard & Poor's 500 advanced 0.72 per cent to 1,461.40. The Dow Jones Industrial Average climbed 0.60 per cent to 13,575.36. The Nasdaq Composite rose 0.45 per cent to 3,149.46.
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