4 hours on 16 November 2018
– Last updated on
November 15, 2018 / 22:34
The number of Americans filing new claims for unemployment benefits last week unexpectedly rose, but requests from the three most influential states on the veteran day vacation last week could have affected the data.
The US Department of Labor announced yesterday that new claims for the unemployed rose by 2,000 to a revised level in light of the seasonal factors of 216,000 applications in the week ending June 10. Data for the previous week was not adjusted.
Jobless claims fell to 202,000 in the week ending Sept. 15, the lowest level since November 1969. Economists surveyed by Reuters estimate unemployment claims fell to 212,000 last week. The Labor Department has confirmed that claims for unemployment benefits in the states of California, Virginia and Texas, as well as of Puerto Rico and Hawaii, have been estimated. The 4-week moving average for jobless claims, which is a more accurate indicator of the labor market because it does not include weekly fluctuations, rose by 1,500 to 215,250 last week.
The US labor market believes it is close or close to full-time employment, with unemployment at 3.7 percent. The lowest unemployment rate in almost 49 years has boosted wages, whose annual growth was the largest in 9-1 / 2 years in October.
Retail sales in the US rebounded last October, with purchases of building materials and building materials, probably by reconstruction efforts in areas devastated by Hurricane Florence.
The US Department of Commerce said yesterday that retail sales rose 0.8 percent last month as consumers bought electronics and household appliances. September data were revised to show retail sales fell by 0.1%, instead of a 0.1% rise as previously reported.
Economists surveyed by Reuters expected retail sales to rise by 0.5 percent in October. Excluding cars, gasoline, building materials and food services, retail sales rose by 0.3% last month. These so-called retail sales are most closely related to the component of consumer spending in calculating GDP.
September data was revised downward to show that retail sales rose by 0.3% instead of 0.5%, similar to the previous report.