Initial Jobless Claims Decline Marginally

The Labor Department reports that the number of Americans filing for first-time unemployment benefits fell in the week ending Oct. 16. The advance figure for seasonally adjusted initial claims was 452,000, a decrease of 23,000 from the previous week’s revised figure of 475,000 [revised up from 462,000]. The 4-week moving average of initial claims — a number that is used to smooth out week-to-week volatility — was 458,000, down 4,250 from the previous week.