US weekly jobless claims drop to nine-month low
© Reuters. FILE PHOTO: Signage for a job fair is seen on 5th Avenue after the release of the jobs report in Manhattan, New York City, U.S., September 3, 2021. REUTERS/Andrew Kelly/File Photo
The unexpected decline in initial jobless claims reported by the Labor Department on Thursday added to solid retail sales and factory production in September in suggesting sustained momentum in the economy. The stream of upbeat economic data bolstered expectations that the Federal Reserve could keep interest rates higher for longer. Financial markets continued to discount a rate hike next month because of soaring U.S. Treasury yields.
Initial claims for state unemployment benefits dropped 13,000 to a seasonally adjusted 198,000 for the week ended Oct. 14, the lowest level since January. Economists polled by Reuters had forecast 212,000 claims for the latest week. Unadjusted claims declined 18,561 to 181,181 last week. There were large decreases in Texas, New York, New Jersey, Georgia and California, which more than offset a notable rise in Tennessee.
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