The U.S. Labor Department reported Thursday that jobless claims rose last week, exceeding initial forecasts, but still remaining near decade lows.
Jobless claims rose to 277,000 from 267,000 in the week ended Sept. 26, the report indicated, reported Bloomberg. Forty-eight economists surveyed by Bloomberg had a median forecast calling for 271,000. Despite the weekly increase, the four-week moving average fell to its lowest level in two months, while the total number of people receiving benefits was the lowest recorded in 15 years.
The week marks the thirtieth straight week that claims remained below the 30,000 threshold, an indicator of a strengthening labor market.
These numbers reveal that employers are retaining staff amid solid domestic demand, explaining why the U.S. is experiencing historically low unemployment claims, while markets overseas struggle, according to Channel News Asia.
"The improving trend suggests US businesses are taking the volatility in financial markets and concerns about the global economy in stride," said Ryan Sweet of Moody's Analytics.
"New and continuing claims suggest that the job market continues to tighten quickly and that full employment may be closer than we anticipate," he added.
Analysts predict that this trend will continue into the coming months, as the economy is forecast to have added 203,000 jobs in September, a pace that is expected to further push the jobless rate to even lower levels, according to Fox Business.
The September payrolls report, due Friday, is expected to the show the unemployment rate held firm at 5.1 percent, the lowest since April 2008.
