"Claims are signaling more of the same in the labor market"
- Kevin Cummins, an economist at UBS Securities LLC
The number of people who applied for U.S. jobless benefits fell more than expected in the week ended October 20, a sign the labour market is making limited progress, the U.S. Department of Labor said Thursday. Initial applications for unemployment benefits tumbled 23,000 to 369,000, compared to expectations for a decrease of 22,000 to 370,000. The four-week moving average edged higher 1,500 to 368,000.
"The data then fits with yesterday's Fed assessment that growth in business investment has slowed," said Alan Ruskin, a currency strategist at Deutsche Bank in New York.
"Claims are signaling more of the same in the labor market," said Kevin Cummins, an economist at UBS Securities LLC in Stamford, Connecticut, who forecast applications would drop to 370,000. "There is no pickup, nor any further deceleration. Employment growth is moving along at a pretty disappointing pace."
The Standard & Poor's 500 surged 0.30% per cent to 1,412.97. The Dow Jones Industrial Average regained 0.20% per cent to 13,103.68. The Nasdaq Composite rallied 0.15% per cent to 2,986.12.
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