The applications for unemployment benefits in USA decreased for the first time in three weeks and remained at the 40-year bottom. The number of applications for unemployment benefits submitted in the week ending on October 21 amounted to 258,000, which represent a decrease by 3,000. However, the decrease was not enough to meet the expectations of the economists, which median forecast was for 256,000.
The US labor market is improving and unemployment this year remained below 5%. So qualified candidates become less and managers are trying to retain the existing personnel. The documents are under 300,000 for 86 consecutive weeks, which is the longest period since 1970 and strong signal for healthy labor market.
The Ministry of Labour has revised upward the data for the previous week (engine on October 14). According to the ministry, the number of applications for unemployment benefits was increased to 261,000 from initially report 260,000.
Four-week average value, which smooths volatility, increased from 252,000 to 253,000.
Experts from the Ministry of Labour indicate that there is nothing unusual in this week’s data.
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