WASHINGTON — Initial claims for U.S. state unemployment benefits rose by 7,000 to 214,000 in the Oct. 6 week after falling to 207,000 in the previous week.
The four-week moving average rose by 2,500 to 209,500, and will likely rise further next week as the recent-low 202,000 level in the Sept. 15 employment survey week rolls out of the equation.
The impact of Hurricane Michael is likely to be much larger than that of Florence last month, so there is a large upside risk to claims for next week.
Continuing claims rose by 4,000 to 1.660 million in the Sept. 29 week, but the four-week moving average fell to 1.656 million, the lowest level since the Aug. 18, 1973 week when it was 1.647 million.
The recent claims levels are still evidence of a very tight labor market, however initial claims could be boosted in the coming weeks due to Hurricane Michael.
