The number of Americans applying for unemployment benefits decline again during the Thanksgiving week, indicating the strength of the labor market. The Labor Ministry reported that the number of unemployment claims has fallen by 2000 last week to 238,000, taking seasonal factors into account, remaining close to the 40-year minimum reached last month.
The four-week average number that smooths weekly fluctuations increased by 2250 to 242,250. The four-week moving average of the so-called continuing claims rose 18,250 to 1.91 million. The continuing claims data covered the week of the household survey from which November’s unemployment rate will be calculated.
Requests are a measure of the release of employees. Last week marked the 143rd consecutive week that claims remained below the 300,000 threshold, which is associated with a strong labor market
The data reflects other indicators that the economic recovery after the Great Recession remains stable in the eighth year. Unemployment fell to a 17-year minimum of 4.1% and economic growth reached an annual rate of 3.3% in the July-September quarter, the highest of three years.
Continuing claims increased 57,000 between the October and November survey periods suggesting little change in the unemployment rate this month.