First Time Jobless Claims Fall 5K

The labor market remains solid with employment low but conditions aren't improving further, based at least on indications from jobless claims data. Initial claims fell 5,000 to a nearly as expected 271,000 in the November 14 week which was also the sample week for the November employment and a comparison with the October 17 sample week of the October employment report doesn't show improvement. The 271,000 level in the November week is up 12,000 from the October week while the 4-week average, at 270,750 vs 263,250, is up 7,500.

But levels in this report, whether improving or not, remain historically low and point to a definitive lack of slack in the available labor pool. Continuing claims, where data lag by a week, fell very slightly in the November 7 week to 2.175 million with the 4-week average up very slightly to 2.167 million. This average, unlike for initial claims, has been trending lower is down slightly from the month-ago comparison. The unemployment rate for insured workers remains at 1.6 percent which is very low.

There are no special factors in today's report though data for Louisiana was estimated. This report doesn't point to further improvement for the November employment report, against however what was a very strong October report.

Recent History Of This Indicator:
Econoday forecasters see initial jobless claims, which have risen noticeably the last two reports, slipping slightly in the November 14 week to 270,000. The week will match the sample weeks of the monthly employment reports, offering a key indication for November's data. Despite the recent rise, initial claims continue to trend at historic lows. Continuing claims have also been low.