10:54 AM EST, 11/07/2024 (MT Newswires) -- Weekly applications for unemployment insurance rose for the first time in four weeks, while continuing claims reached the highest level since November 2021, according to US government data released Thursday.

The seasonally adjusted number of initial claims rose by 3,000 to 221,000 in the week ended Saturday, according to the Department of Labor. The consensus was for a 222,000 level in a survey of analysts compiled by Bloomberg. The previous week's reading was revised up by 2,000 to 218,000.

The four-week moving average dropped by 9,750 to 227,250, while the prior week's tally was revised up by 500 to 237,000.

"Initial claims for unemployment insurance benefits remain low as the biggest issue for the job market isn't firing but weaker hiring," Ryan Sweet, chief US economist at Oxford Economics, said in remarks emailed to MT Newswires. "For the first time in three weeks, initial claims remained below our estimate of the break-even level, or that consistent with no monthly job growth."

For the week ended Oct. 26, seasonally adjusted continuing claims increased by 39,000 to 1.89 million, the highest level since Nov. 13, 2021, according to the DOL. The Bloomberg-polled consensus indicated 1.87 million. The four-week moving average reached the highest point since Nov. 27, 2021, at 1.88 million, up 8,500 from the prior week's downwardly revised average.

US job creation fell well short of Wall Street's estimates for October amid a Boeing (BA) worker strike and potential hurricane-related disruptions, the Bureau of Labor Statistics said Friday. The strike that lasted for more than seven weeks ended earlier this week.

Unadjusted claims advanced by 10,827 on a weekly basis to 212,274, DOL data showed.

"The increase in non-seasonally adjusted initial claims was concentrated in a few states, including California, Michigan, and Ohio," Sweet said. "There is the potential that the spillover effects from the Boeing strike, which was only resolved recently, boosted new filings in California, along with a strike at major hotels."