Applications for unemployment benefits in the US remained below expectations!

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The US Department of Labor announced weekly data on jobless claims.

The number of first-time applicants for unemployment benefits in the US remained below market expectations with 198 thousand in the week ending October 14.

Accordingly, the number of people claiming unemployment benefits for the first time in the country decreased by 13 thousand people to 198 thousand in the week ending October 14 compared to the previous week. The market expectation was that the number of applications would be 212 thousand.

REVISED TO 211 THOUSAND

The previous week's data on jobless claims was revised from 209 thousand to 211 thousand.

As of last week, the 4-week average number of applications for unemployment benefits decreased by 1000 compared to the previous week to 205 thousand 750.

The number of ongoing applications for unemployment benefits increased by 29 thousand people to 1 million 734 thousand in the week ending October 7.

Analysts noted that the data on unemployment benefit applications showed that the labor market continued to remain tight, indicating resistance in the market against the US Federal Reserve's aggressive tightening cycle and extending the expected period for interest rates to remain high.