Initial jobless claims rise after two weeks of declines


Initial US jobless claims rose by 53,000 in the week ended Oct. 10, according to seasonally adjusted data released today by the US Department of Labor. Jobless claims had fallen for the previous two weeks including by 4,000 in the week ended Oct. 3, according to the upwardly revised number.

Separately, initial jobless claims under the Pandemic Unemployment Assistance program — which includes self-employed and gig economy workers among others — fell by 91,006 to a total of 372,891 (not seasonally adjusted).

CNBC reported that continuing claims have fallen. “Although the absolute level of claims remains well above the pre-pandemic level, the declining trend of continuing claims is more important to watch,” Citigroup economist Andrew Hollenhorst said in a note, CNBC reported.

This week’s jobless claims don’t reflect California, which has paused its reporting in order to reduce fraud and tackle a backlog of cases. The state’s jobless claims number reflect the number reported by the state prior to the pause.