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Initial claims for state unemployment benefits dropped 4,000 to
a seasonally adjusted 231,000 for the week ended Dec. 1, the
Labor Department said on Thursday. Data for the prior week was
revised to show 1,000 more applications received than previously
reported.
Economists polled by Reuters had forecast claims falling to
225,000 in the latest week.
Claims had risen for three straight weeks, touching an
eight-month high of 235,000 during the week ended Nov. 24.
While difficulties adjusting the data around holidays such as
Thanksgiving Day could have boosted applications, the trend in
claims has softened. The four-week moving average of initial
claims, considered a better measure of labor market trends as it
irons out week-to-week volatility, rose 4,250 to 228,000 last
week, the highest level since mid-April.
Some economists blame the rise on volatility in the financial
markets, the fading stimulus from a $1.5 trillion tax cut and
the Trump administration's protectionist trade policy.
Still, claims remain at levels consistent with strong job
growth. According to a Reuters survey of economists, nonfarm
payrolls likely increased by 200,000 jobs in November after
surging by 250,000 in October. The unemployment rate is seen
holding at near a 49-year low of 3.7 percent.
The Labor Department will publish November's employment report
on Friday.
Thursday's claims report also showed the number of people
receiving benefits after an initial week of aid decreased 74,000
to 1.63 million for the week ended Nov. 24. The four-week moving
average of the so-called continuing claims rose 250 to 1.67
million.
(Reporting by Lucia Mutikani Editing by Paul Simao) ((Lucia.Mutikani@thomsonreuters.com;
1 202 898 8315; Reuters Messaging: lucia.mutikani.
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