Trade Balance was a little bit better than expected, Jobless Claims a little bit worse than expected. And this is another period’s jobless data with a glitch in it. Glitches from the government is the new normal.
More Americans than forecast filed applications for unemployment benefits last week as California continued to work through a backlog.
Jobless claims decreased by 12,000 to 350,000 in the week ended Oct. 19 from a revised 362,000 in the prior period. The median forecast of 48 economists surveyed by Bloomberg called for a decrease to 340,000. Applications in California remained elevated and analysts weren’t able to determine how many non-federal workers filed due to the government shutdown, a Labor Department spokesman said as the figures were released to the press.
Firings may gradually diminish as a backlog of claims processing in California and the end to the closure of
government offices push and pull on the figures. A slower-than- expected pace of hiring in September may reflect companies’ hesitance to ramp up payrolls as lawmakers in Washington feuded over the budget and now prepare for the next round of negotiations.
Initial Jobless Claims
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury