The Department of Labor reported on Thursday that the number of jobless claims last week was higher than expected on seasonal shift. Claims for jobless benefits added 46,000 and reached the level of 388,000 during the week ended October 13. The economist forecast, however, was that the reading would be equal to 365,000. The number of jobless claims for the preceding week was revised up to 342,000.
"At least a major part of the jump would be a correction from the prior week. Outside of that we're seeing very gradual improvement in the labor market. The economy is just plodding along at the moment," said an economist at Jefferies Group Inc. in New York, Tom Simons, who projected an increase to 380,000.