This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Initial Weekly Claims Shows Surprise Drop

NEW YORK (TheStreet) -- The number of Americans filing unemployment claims for the first time showed a surprise drop last week according to a labor department report released early Thursday.

The advance figure for seasonally adjusted initial claims fell by 21,000 to 434,000 in the week ended Oct. 23, from the previous week's upwardly revised estimate of 455,000. Analysts were expecting initial claims to rise by 6,000 to 458,000, according to consensus estimates from Briefing.com.

The number of people filing continuing claims -- those who have been receiving unemployment insurance for at least a week -- also came in lower than expected at 4.356 million for the week ended Oct. 16, a decrease of 122,000 from the previous week's revised figure of 4.478 million. Consensus estimates projected continuing claims to drop to 4.428 million.

The SPDR Dow Jones Industrial Average (DIA) and the SPDR S&P 500 ETF (SPY) were rising by 0.4% and 0.2 % respectively in premarket trading while the PowerShares QQQ (QQQQ) was up 0.3%.

The 4-week moving average in initial claims, which smoothes the volatility in week-to-week reports, was 453,250, a decrease of 5,500 from the previous week's revised average of 458,750. The 4-week moving average in continuing claims was 4.447 million, a decrease of 38,500 from the preceding week's average of 4.485 million.

-- Written by Shanthi Venkataraman in New York.

>To contact the writer of this article, click here: Shanthi Venkataraman.

>To follow the writer on Twitter, go to http://twitter.com/shavenk.

>To submit a news tip, send an email to: tips@thestreet.com.

Stock quotes in this article: SPY, DIA, QQQQ 
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,411.97 -12.88 -0.08%
S&P 500 1,861.45 -0.86 -0.05%
NASDAQ 4,083.5310 -2.6940 -0.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs