By Jeffry Bartash
WASHINGTON (MarketWatch) - Applications for U.S. unemployment benefits fell by 9,000 to a seasonally adjusted 363,000 in the week of Oct. 21-27, keeping them in a range that indicates little change in U.S. hiring patterns over the past few months. Economists surveyed by MarketWatch expected claims to fall to 365,000. Initial claims from two weeks ago were revised up to 372,000 from an original reading of 369,000, based on more complete data collected at the state level, according to the U.S. Labor Department. The number of filings were not affected by Sandy, a Labor analyst said, though the storm could skew the numbers in upcoming weeks. The average of new claims over the past month, meanwhile, fell by 1,500 to 367,250. The four-week average reduces seasonal volatility in the weekly data and is seen as a more accurate barometer of labor-market trends. Also, Labor said continuing claims increased by 4,000 to a seasonally adjusted 3.26 million in the week ended Oct. 20. Continuing claims reflect the number of people already receiving benefits. About 5.04 million people received some kind of state or federal benefit in the week ended Oct. 13 up 112,147 from the prior week. Total claims are reported with a two-week lag.
