Jobless Claims Drop for 13th Week to 13-Mo. Low
WASHINGTON — New claims for unemployment benefits in the United States fell unexpectedly, according to the latest weekly data Thursday, showing fresh signs of stabilization in the ailing labor market. The seasonally adjusted number of new unemployment claims in the week ending November 28 fell to 457,000, down 1.1 percent from the previous week's downwardly revised figure of 462,000, the Labor Department said.
New claims for unemployment insurance benefits are now at the lowest level since September 2008 and have declined for five consecutive weeks, the longest streak since the US economy entered recession in December 2007. The four-week moving average, which smooths out week-to-week volatility, was 481,250, a decrease of 14,250 from the previous week's revised average of 495,000 (see chart above).
MP: Jobless claims (4-week moving average) have now decreased for the 13th consecutive week to a new 13-month low of 481,250, the lowest level since November 1, 2008.