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Initial claims for state unemployment benefits increased 10,000
to a seasonally adjusted 239,000 for the week ended Nov. 4, the
Labor Department said on Thursday. Claims had fallen to 229,000
in the prior week, near a 44-1/2-year low, and remain well below
the 300,000 level generally regarded as signaling a healthy
labor market.
Economists polled by Reuters had forecast claims rising to
231,000 in the latest week. They have declined from an almost
three-year high of 298,000 hit at the start of September in the
aftermath of hurricanes that ravaged parts of Texas, Florida,
Puerto Rico and the Virgin Islands.
The Labor Department noted that it is now processing backlogged
claims in Puerto Rico though its operations in the Virgin
Islands remain severely disrupted.
Last week marked the 139th straight week that claims remained
below the 300,000 threshold. That is the longest such stretch
since 1970, when the labor market was smaller.
The four-week moving average of initial claims, considered a
better measure of labor market trends as it irons out
week-to-week volatility, fell 1,250, to 231,250 last week, the
lowest level since March 31, 1973. That suggests ongoing job
growth in an economy many regard as near full employment.
The so-called continuing claims rose 17,000 to 1.90 million.
Economists polled by Reuters had expected continuing claims of
1.89 million.
The four-week moving average of continuing claims fell 750, to
1.90 million, the lowest level since Jan. 12, 1974, suggesting a
continued decline in labor market slack.
(Reporting by Howard Schneider; Editing by Andrea Ricci)
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