Investing.com - The number of people who filed for unemployment assistance in the U.S. rose in line with expectations last week, remaining in territory consistent with a strengthening labor market.
The U.S. Department of Labor said that the number of individuals applying for initial jobless benefits in the seven days ended November 10 increased by 2,000 to a seasonally adjusted 216,000 from the previous week’s total of 214,000.
Initial claims have been below 220,000 for almost five months, a remarkably long stretch of extremely low layoffs.
The four-week moving average was 215,250, a rise of 1,500 from the previous week. The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.
Continuing jobless claims in the week ended November 3 increased to 1.676 million from 1.630 million in the preceding week, compared to expectations for an unchanged reading. These claims reflect people who recently lost their jobs and are already receiving benefits.