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U.S. jobless claims fall for third consecutive week, employment likely to rebound in October

U.S. jobless claims data hint at a rebound in October employment, noted Barclays in a research report. For the week ended 14 October, jobless claims fell to 222k, falling more than consensus expectations of 240k. This is the third straight weekly fall and takes the four-week moving average lower to 248k. As was anticipated, claims have dropped back to pre-hurricane levels as activity in the impacted areas returns to normal. Evidence of this could be seen in the continued drop in claims in Florida and Texas, which were severely impacted by hurricanes. Markedly, the insured jobless rate dropped one-tenth to 1.3 percent.

The report released today includes the 12th of the month and thus covers the survey week for the October payrolls report. The September employment report, which saw payrolls drop by 33k, was evidently weather-impacted, according to Barclays. Given the consistent drop in claims in recent weeks, along with signs of the weather-effect dissipating, a rebound in employment is expected in the October report, which is set to be released in early November.

State-wise, the drop in claims was led by Michigan, California and Florida. Claims in Texas also dropped and are now close to pre-storm levels. In the meantime, continuing claims also fell in the week ended 7 October to 1888k from 1904k.

At 16:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was neutral at 38.271. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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