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Initial claims for state unemployment benefits
dropped by 17,000 to a seasonally adjusted 297,000 for the week
ended Nov. 29, the Labor Department said on Thursday.
The decline almost reversed the prior week's increase which had
pushed claims above 300,000 for the first time since early
September. Economists polled by Reuters had forecast claims
falling to 295,000 last week.
The four-week moving average of claims, considered a better
measure of labor market trends as it irons out week-to-week
volatility, increased by 4,750 to 299,0000. It has held below
300,000 for 12 straight weeks, indicating labor market strength.
A Labor Department analyst said there were no special factors
influencing last week's claims data. The data has no relevance
to November's employment report, which is scheduled to
be released on Friday, as it falls outside the survey period.
Nonfarm payrolls likely increased by 230,000 last month after
rising by 214,000 in October, according to a Reuters survey of
economists. November would mark the 10th consecutive
month of payroll gains above 200,000.
The unemployment rate is forecast steady at a six-year low of
5.8 percent.
The claims report showed the number of people still receiving
benefits after an initial week of aid increased by 39,000 to
2.36 million in the week ended Nov. 22.
(Reporting by Lucia Mutikani; Editing by Paul Simao)
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