Jobless Claims in US Unexpectedly Fall to Three-Week Low

Applications for US unemployment insurance unexpectedly fell to a three-week low, indicating firm labor demand for workers despite concerns about the economy.

Initial unemployment claims declined by 12,000 to 214,000 in the week ended Oct. 15, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 233,000 new applications, and the latest figure was lower than all but one projection.

The four-week moving average, which smooths out volatility from week to week, increased to 212,250.

Continuing claims rose to 1.39 million in the week ended Oct. 8.

The drop in jobless claims ...