Filings for U.S. unemployment benefits unexpectedly rose to the highest level in almost three months, Bloomberg reports.
A U.S. Labor Department report released today shows jobless claims increased by 7,000 to 265,000 in the week ended Oct. 29. The median forecast in a Bloomberg survey called for a drop to 256,000. Continuing claims dropped to the lowest since June 2000.
Even with the increase, initial claims are in line with the 264,000 average for 2016, as a dwindling pool of skilled and experienced job hunters keeps employers from firing workers. While payroll gains have cooled from last year’s pace, they probably remained solid in October, with a 175,000 rise projected by analysts ahead of a separate government report due Friday.
Filings for unemployment benefits have been below 300,000 for 87 straight weeks—the longest streak since 1970 and a level typical for a healthy labor market.
Estimates in the Bloomberg survey ranged from 250,000 to 270,000. The prior week’s reading was unrevised at 258,000. Claims touched 246,000 in the week ended Oct. 1, the lowest since 1973.
