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Initial claims for state unemployment benefits declined 12,000
to a seasonally adjusted 260,000 for the week ended Nov. 21, the
Labor Department said on Wednesday.
The prior week's claims were revised to show 1,000 more
applications received than previously reported. Claims have now
held below the 300,000 threshold for 38 consecutive weeks, the
longest stretch in years, and remain close to levels last seen
in the early 1970s. Claims below this level are usually
associated with a healthy jobs market.
Economists polled by Reuters had forecast claims dipping to
270,000 last week. A Labor Department analyst said there were no
special factors influencing the data and only claims for
Louisiana had been estimated.
The four-week moving average of claims, considered a better
measure of labor market trends as it strips out week-to-week
volatility, was unchanged at 271,000 last week.
The claims report showed the number of people still receiving
benefits after an initial week of aid increased 34,000
to 2.21 million in the week ended Nov. 14. The four-week moving
average of the so-called continuing claims rose 15,250 to 2.18
million. The continuing claims data covered the period during
which the government surveyed households for November's
unemployment rate.
The four-week average of continuing claims rose 8,750 between
the October and November survey periods, suggesting the
unemployment rate will likely hold at a 7-1/2-year low of 5
percent this month.
(Reporting By Lucia Mutikani; Editing by Andrea Ricci; )(Lucia.Mutikani@thomsonreuters.com;
1 202 898 8315; Reuters; Messaging:
lucia.mutikani.thomsonreuters.com@reuters.net)
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