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Initial claims for state unemployment benefits decreased 8,000
to a seasonally adjusted 211,000 for the week ended Nov. 2, 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 would fall to
215,000 in the latest week. The Labor Department said claims for
one state, Kentucky, were estimated last week.
The four-week moving average of initial claims, considered a
better measure of labor market trends as it irons out
week-to-week volatility, increased 250 to 215,250 last week.
The level of claims suggests solid labor market conditions.
Employment grew faster than expected in October, with firms
adding 128,000 jobs, even though a strike by workers at General
Motors <GM.N> idled 46,000 employees at the automaker's plants
in Michigan and Kentucky.
The Federal Reserve cut interest rates last week for the third
time this year to support continued economic growth. Officials
also signaled a pause in the easing cycle, which started in July
when the central bank reduced borrowing costs for the first time
since 2008. Fed Chair Jerome Powell acknowledged some moderation
in the pace of job growth this year, but said "the job market
remains strong."
Thursday's claims report also showed the number of people
receiving benefits after an initial week of benefits dipped
3,000 to 1.69 million for the week ended Oct. 26. The four-week
moving average of the so-called continuing claims was unchanged
at 1.69 million.
(Reporting by Howard Schneider Editing by Paul Simao)
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