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Initial claims for state unemployment benefits dropped by 1,000
to a seasonally adjusted 214,000 for the week ended Nov. 3, the
Labor Department said on Thursday. Data for the prior week was
revised to show 215,000 claims received, which was 1,000 more
than previously reported.
The weekly claims were in line with predictions of economists
polled by Reuters, who had forecast 214,000 people would file
for benefits. The Labor Department said claims for North
Carolina continued to be affected by Hurricane Florence, while
Hurricane Michael impacted those for Florida and Georgia. Claims
data for Massachusetts was estimated.
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 to 213,750 in the latest week, a
decline of 250 from the prior week's upwardly revised reading of
214,000.
Thursday's claims report also showed the number of people
receiving benefits after an initial week of aid fell 8,000 to
1.62 million for the week ended Oct. 27, the lowest level since
July 28, 1973. The four-week moving average of the so-called
continuing claims fell 7,500 to 1.63 million, the lowest level
since Aug. 11, 1973.
Ongoing strong job growth has led to a 3.7 percent unemployment
rate, the lowest since the 1960s and a level below Federal
Reserve policymakers' current median estimate of "full
employment."
((Reporting by Howard Schneider; Editing by Paul Simao))
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