Fresh data from the Labor Department on Thursday showed that new applications for unemployment benefits in the U.S. dropped in the week ending September 13, though the decline was smaller than many analysts had projected.
Initial jobless claims came in at 231,000, down 33,000 from the prior week’s revised figure of 264,000. Economists had been looking for a larger pullback to around 240,000 from the 263,000 originally reported.
The less volatile four-week moving average eased slightly to 240,000, just 750 lower than the previous week’s revised average of 240,750.
In a separate release, the Federal Reserve Bank of Philadelphia reported that manufacturing conditions in its region strengthened notably in September. The Philly Fed’s general activity index jumped to 23.2 from August’s -0.3, far above the consensus forecast of 2.3 and marking a solid return to growth.
Looking ahead, the survey pointed to optimism among manufacturers. The index tracking expectations for business activity over the next six months rose to 31.5 in September, up from 25.0 the month before, signaling broad confidence in continued expansion.
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