Jobless Claims Drop To Lowest In Fourteen Months

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The number of people filing first-time unemployment claims dropped more than expected last week, falling to the lowest level since the beginning of the year.

This provides more evidence of a stabilizing labor market, though layoffs still remain high on a historic basis.

Economists will be looking toward the monthly jobs statistics due out next week to confirm that the employment situation is firming up.

The U.S. Labor Department revealed that initial jobless claims dropped 35,000 for the week ended November 21, the biggest drop since the week of August 1.

The drop took the key measure of layoffs to a level of 466,000 - the first reading below 500,000 early January.

Claims reached a peak in late March at a level of 674,000 and have been easing lower over the past few months.

Last week's decline marked the fourth consecutive week of retreats.

Continuing claims, which measures the number of people receiving ongoing unemployment help, fell 190,000 to a level of 5.423 million, the 10th consecutive week of declines.

Continuing claims reached 6.904 million in late June before beginning a retreat. The most recent data marked the lowest reading since March.

(Market News Provided by RTTNews)