The number of people filing for first-time unemployment claims dropped more than expected last week, falling to its lowest level in almost a month. The figure remains just above the multi-decade low it reached this summer.
The U.S. Department of Labor revealed that initial jobless claims came in at 260,000 for the week ended November 21. This was down 12,000 from the revised level of 272,000 recorded in the previous week.
Economists had expected jobless claims to come in at 270,000.
The latest figure was the lowest reading in about a month. It sits 5,000 claims above the mark of 255,000 reached in mid-July. That figure represented the lowest level since 1973.
The 4-week moving average for initial claims, a figure that flattens out week-to-week volatility in the data, was unchanged at 271,000.
The number of people receiving ongoing unemployment help, a figure called continuing claims, came in at 2.207 million for the week ended November 14, the most recent week for which the government has data. This was up 34,000 from the previous week.
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