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Economy

US weekly jobless claims rise to a more than 4-month high

Key Points
  • The number of Americans filing applications for jobless benefits rose to more than a four-month high last week.
  • The underlying trend remained consistent with a tightening labor market, however.
  • Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 224,000 for the week ended Nov. 17, the highest level since the end of June, the Labor Department said.
Recruiters and job seekers are seen at a job fair.
Rick Wilking | Reuters

The number of Americans filing applications for jobless benefits rose to more than a four-month high last week, but the underlying trend remained consistent with a tightening labor market.

Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 224,000 for the week ended Nov. 17, the highest level since the end of June, the Labor Department said on Wednesday.

Data for the prior week was revised to show 5,000 more applications received than previously reported.

Economists polled by Reuters had forecast claims slipping to 215,000 in the latest week.

The Labor Department said no states were estimated last week. It said claims for North Carolina and Florida continued to be affected by Hurricanes Florence and Michael, respectively.

The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose 2,000 to 218,500 last week.

The claims data covered the survey period for the nonfarm payrolls component of November's employment report.

The Labor Department said no states were estimated last week. It said claims for North Carolina and Florida continued to be affected by Hurricanes Florence and Michael, respectively.

The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose 2,000 to 218,500 last week.

The claims data covered the survey period for the nonfarm payrolls component of November's employment report.

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Real Estate

US homebuilding rose in October on a rebound in multifamily housing projects.

Key Points
  • U.S. homebuilding rose in October amid a rebound in multifamily housing projects.
  • Construction of single-family homes fell for a second straight month, however, suggesting the housing market remained mired in weakness as mortgage rates march higher.
  • Building permits declined last month and homebuilding completions were the fewest in a year.
  • Housing starts increased 1.5 percent to a seasonally adjusted annual rate of 1.228 million units last month.