The DOL reported:
In the week ending October 29, the advance figure for seasonally adjusted initial claims was 265,000, an increase of 7,000 from the previous week’s unrevised level of 258,000. The 4-week moving average was 257,750, an increase of 4,750 from the previous week’s unrevised average of 253,000.
There were no special factors impacting this week’s initial claims. This marks 87 consecutive weeks of initial claims below 300,000, the longest streak since 1970.
The previous week was unrevised.
The following graph shows the 4-week moving average of weekly claims since 1971.
The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to 257,750.
This was above the consensus forecast. The low level of claims suggests relatively few layoffs.