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U.S. initial jobless claims rise from 40-year low to 260,000

Xinhua, October 20, 2016 Adjust font size:

The number of Americans initially applying for unemployment aid rose to 260,000 last week, the U.S. Labor Department said Thursday.

It was an increase of 13,000 from the revised figure of the previous week, which was almost a 40-year low level.

The four-week moving average, which helps smooth out week-to-week volatility, increased 2,250 from the previous week's revised average to 251,750.

This marks 85 consecutive weeks of initial claims below 300,000, a benchmark for real job growth or loss in the economy, the longest streak since 1970, said the Labor Department.

Analysts said the increase of workers eligible for unemployment aid last week was partially caused by Hurricane Matthew, which have caused damage and flooding across several southeastern states, making many businesses closed.

Meanwhile, the advance figure of seasonally adjusted insured unemployment during the week ending Oct. 8 increased 7,000 from the previous week to 2,057,000. Endi