The numbers: The number of people who applied for
unemployments benefits in early November fell to the lowest level in a
month and clung near a half-century low, reflecting the remarkable
resilience of the strongest labor market in decades.
Initial
jobless claims declined by 8,000 to 211,000 in the seven days ended Nov.
2, the government said Thursday. Economists polled by MarketWatch had
forecast new claims to total a seasonally adjusted 215,000.
Jobless claims are the best measure to track layoffs. They usually start
to spike right before a recession and decline to low levels during
economic expansions.
What happened: The actual or unadjusted number of
jobless claims fell the most in California, Georgia and Virginia. Claims
had risen in California last month after raging wildfires and major
power outages kept many people from work. New claims rose the most in Illinois and Pennsylvania
The government adjusts jobless claims to account for the periodic
sharp swing in seasonal employment patterns. These gyrations are most
pronounced in the summer and around big holidays such as Easter,
Thanksgiving and Christmas.
The monthly average of new claims,
meanwhile, rose a scant 250 to 215,250. The four-week average gives a
more stable view of the labor market than the more volatile weekly
number.
The number of people already collecting unemployment
benefits, known as continuing claims, fell by 3,000 to 1.69 million.
These claims are near the lowest level since the early 1970s.
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