12:11 PM EDT, 10/24/2024 (MT Newswires) -- Weekly applications for unemployment insurance in the US declined last week, while continuing claims rose to their highest point since November 2021, government data showed Thursday.

The seasonally adjusted number of initial claims dropped by 15,000 to 227,000 in the week ended Oct. 19, according to the Department of Labor. The consensus was for a 242,000 level in a survey of analysts compiled by Bloomberg. The previous week's reading was revised upwards by 1,000.

The four-week moving average came in at 238,500, increasing by 2,000 from the prior average that was revised up by 250. Unadjusted claims fell by 22,634 on a weekly basis to 202,635.

"Claims in some states impacted by Hurricane Helene continued to retreat from their recent highs, although claims in Florida rose, likely a result of Hurricane Milton," Oxford Economics Senior US Economist Nancy Vanden Houten said in emailed remarks to MT Newswires. "With the latest week's decline, claims are in line with pre-hurricane levels and consistent with a labor market that continues to be characterized by few layoffs."

For the week ended Oct. 12, seasonally adjusted continuing claims totaled nearly 1.9 million, its highest level since Nov. 13, 2021, and exceeding the Bloomberg consensus of about 1.88 million. Continuing claims jumped by 28,000 from the previous week's level, which was revised up by 2,000. The four-week moving average came in at 1.86 million, advancing by 17,500 from the prior week's upwardly revised average, according to the DOL.

"Continued claims are being boosted by individuals impacted by the hurricanes and layoffs related to the Boeing (BA) strike," according to Vanden Houten. "The level of continued claims and the ongoing Boeing strike point to a sluggish gain in payroll employment in October."

Boeing's factory workers on Wednesday rejected a new labor contract, fueling concerns that the ongoing strike that started in September could extend into next month.

Georgia saw the highest increase in initial claims for the week ended Oct. 12, at 3,293, followed by New York with 2,340 and Pennsylvania with 1,379. The largest decrease was in Michigan, where claims declined by 7,917, followed by Florida with 3,257 and Ohio with 2,556.