Initial unemployment claims fall on eve of critical jobs report

The Department of Labor reported that first-time claims for unemployment insurance benefits fell by 9,000 to 363,000 last week, with the announcement coming the day before the government reports October hiring and unemployment data.

The amount of new applications for jobless benefits was the lowest in three weeks. Economists surveyed by Bloomberg News had projected there would be 370,000 initial claims for the week ending Oct. 27.

The consensus estimate for tomorrow”™s Department of Labor report calls for an increase in nonfarm payrolls of 125,000 and for the U.S. unemployment rate to increase to 7.9 percent from 7.8 percent in September.