- David Sloan, an economist at 4Cast
The number of people who applied for U.S. jobless benefits fell more than expected in the week ended October 27, a sign the labor market is making limited progress, the U.S. Department of Labor said Thursday. Initial applications for unemployment benefits tumbled 9,000 to 363,000, compared to expectations for a decrease of 2,000 to 370,000. The four-week moving average turned lower 1,500 to 367,250.
"Claims have been on a mildly improving trajectory," said Gennadiy Goldberg, a U.S. strategist at TD Securities Inc. in New York who forecast the number of applications would drop to 365,000. "We're definitely getting fewer firings, but hiring is picking up very gradually, and that's why you're only seeing gradual improvement in the labor market."
"There is some evidence of labor market improvement," said David Sloan, an economist at 4Cast in New York. "It is not totally convincing yet but, over all, the message is positive."
Standard & Poor's 500 gained 1.09 per cent to 1,427.59. The Dow Jones Industrial Average advanced 1.04 per cent to 13,232.62. The Nasdaq Composite surged 1.44 per cent, or 42.83 points, to 3,020.06.
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