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US / Jobless claims stay elevated

Initial claims for state unemployment benefits fell 12,000 to a seasonally adjusted 350,000, the Labor Department said.

“Underlying labor market conditions probably are not as bad as the recent claims data suggest,” said Daniel Silver, an economist at JPMorgan in New York.

Technical problems as California converted to a new computer system have distorted the claims data since September and a Labor Department analyst said claims from the backlog in California were still working their way through the system.

Economists, who had expected first-time applications to fall to 340,000 in the week ending October 19, say claims should drop back to levels consistent with a gradual labor market recovery once the backlog in California is cleared.

Chosen excerpts by Job Market Monitor. Read the whole story at 

Reuters

via U.S. jobless claims stay elevated, manufacturing slows | Reuters.

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