Initial jobless claims once again fell more than expected, with the prior period’s print revised upwards.
Claims totaled 259,000 last week and were revised up by 1,000 to 256,000 for the prior period.
Economists had estimated that first-time unemployment insurance claims increased to 265,000 last week, according to Bloomberg.
The four-week moving average dropped 2,000 to the lowest level since 1973, at 263,250.
The Department of Labor reported no special factors in this week’s report. The period covered was the reference week for the October jobs report.
“In one line: Yet more evidence contradicting the soft recent payroll numbers,” wrote Pantheon Macroeconomics’ Ian Shepherdson in a note to clients.
- Pantheon Macroeconomics