"Improvement in the labor market will continue to be fitful and slow"
- Joseph Trevisani, a market strategist at Worldwide Markets
The number of people who applied for U.S. jobless benefits rose more than expected in the week ended October 13, posting the biggest jump in four months, the U.S. Department of Labor said Thursday. Initial applications for unemployment benefits increased 46,000 to 388,000, above analysts' expectations for an increase of 23,000 to 365,000. The four-week moving average edged higher 750 to 365,500.
"When you get to the turn of a quarter, the seasonals jump a lot," said Brian Jones, a senior U.S. economist at Societe Generale in New York. "The labor market is getting better, but at a glacial pace. Claims are going sideways."
"Improvement in the labor market will continue to be fitful and slow," said Joseph Trevisani, a market strategist at Worldwide Markets in Woodcliff Lake, New Jersey.
The Standard & Poor's 500 erased 0.24 per cent to 1,457.34. The Dow Jones Industrial Average edged lower 0.06 per cent to 13,548.94. The Nasdaq Composite advanced 0.10 per cent to 3,104.12.
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