End to jobs backlog shows weaker US labour market
The backlog from an upgrade to systems in California has finally been cleared, and the numbers aren't strong as had been hoped.
Jobless claims fell by just 10,000 to 340,000 in the week to Oct 26, while economists had hoped for a fall of 11,000. Continuing jobless claims are now higher at 2.881m from 2.874m.
Decline in initial claims to 340K, back near underlying trend the prevailed prior to California inspired distortion. Stable pace of firings.
— Joseph Brusuelas (@joebrusuelas) October 31, 2013