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Initial jobless claims fall less than expected

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Initial jobless claims fall less than expected

People browse booths at a military veterans' job fair in Carson, California October 3, 2014. U.S. employers ramped up hiring in September and the jobless rate fell to a six-year low, bolstering bets the Federal Reserve will hike interest rates in mid-2015. REUTERS/Lucy Nicholson

Thomson Reuters

People browse booths at a military veterans’ job fair in Carson

Initial jobless claims fell less than expected.

Claims, which count the number of people who applied for unemployment insurance for the first time, fell to 245,000, according to the Labor Department.

Economists were expecting claims to fall to 240,000 from the prior week’s upwardly revised 255,000.

Initial jobless claims are used as a real-time proxy for the pace of layoffs since people usually file for benefits soon after they lose their jobs. 

The four-week moving average came in at 242,000, an increase of 2,250 from the previous week’s revised average.

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