According to the Labor Department, initial jobless claims for state unemployment benefits dropped last week. The government reported that the number of first-time claims last week totaled 330,000, which is 11,000 less than a week ago. The 330,000 new claims matched analysts' expectations. Job claims for the prior week were adjusted to 341,000, which is higher than the initial estimate of 339,000. The 339,000 initial jobless claims last week was 20,000 claims more than expected, so do the math . . .
The 4-week moving average of seasonally adjusted first-time claims dropped by 750 to 329,750. In addition, the seasonally adjusted number of Americans receiving state jobless claims in the week ending November 10 increased by 7,000 to 2.57 million. The 4-week seasonally adjusted moving average of continuing claims increased 10,750 to 2.57 million.