New jobless claims data for the week ending October 23rd showed an improvement in the job market, with 21,000 fewer claims bringing the total down to 434,000. The unemployment rate for those receiving unemployment insurance also decreased by 0.1 percentage points. Continuing claims fell by over 120,000. California saw the largest decrease in new claims, primarily in the service industry, while Puerto Rico had the largest increase.

1. Daily Economic Update
 New jobless claims data for week ending October 23 show a significant improvement in the job
market, above all expectations. There were 21,000 fewer claims bringing the total claims down to
434,000.The 4-week moving average also decreased by 5,500 to 453,250. Dropping below 400,000
would suggest more jobs are being created than terminated. As a result, the unemployment rate for
workers with unemployment insurance decreased 0.1 percentage point from the prior week's 3.6
percent. The number of continuing claims also dropped significantly, by 122,000 to 4,356,000. The
4-week moving average decreased by 38,500.
 The largest decrease in new claims was in California, primarily in service industry, followed by
North Carolina, New York, Pennsylvania, and Texas. Puerto Rico had the largest increase in new
claims, followed by Minnesota, Wisconsin, Florida, and Alabama.
Produced by NAR Research
October 28, 2010