US jobless claims fall slightly in latest week

US jobless claims fall slightly in latest week

US jobless
File photo of a man looking over employment opportunities at a jobs centre in San Francisco, California. (Photo: REUTERS/Robert Galbraith)

WASHINGTON: New applications for US unemployment fell slightly last week and the number of Americans receiving benefits remained at a 45-year low as strong labour market conditions continued.

Initial claims for state unemployment benefits dropped by 1,000 to a seasonally-adjusted 214,000 for the week ended Nov 3, the Labour Department said on Thursday (Nov 8). 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 Labour 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 labour 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 Jul 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."

Source: Reuters/de