According to the US Department of Labor, the number of initial applications for unemployment benefits for the week ended October 15 unexpectedly decreased by 12 thousand from the revised figure of the previous week – to 214 thousand. Analysts, on the contrary, expected an increase to 230 thousand from the initial figure of the previous week of 228 thousand, which was revised to 226 thousand. The decline in the indicator suggests that the labor market in the United States remains tense, even though demand for labor is declining amid higher interest rates. The average number of initial applications over the past four weeks has increased by 1.25 thousand to 212.25 thousand (from the revised level of the previous week at 211 thousand). The total number of Americans receiving unemployment benefits in the United States for the week ended October 8 increased by 21 thousand from the revised figure of the previous week – to 1.385 million people. The indicator of the previous week was revised downward by 4 thousand to 1.364 million applications from 1.368 million.
