Jobless Claims Fall to 3-1/2 Year Low

Initial jobless claims fell to their lowest level in 3-1/2 years in the week ending Dec. 10. Unemployment claims dropped 19,000 to a seasonably adjusted 366,000, the Commerce Department announced. This is the lowest level since May 2008. Economists say that between 350,000 and 375,000 indicates sustained job growth. The four-week moving average, a less volatile number that flattens out week-to-week fluctuations in the data, was 387,750, a decrease of 6,500 from the previous week’s revised average of 394,250. The number of Americans filing for continuing unemployment claims during the week ending Dec. 3 was 3,603,000, an increase of 4,000 from the preceding week. The four-week moving average was 3,666,250, a decrease of 5,000 from the preceding week. States reported 3,048,926 persons claiming emergency unemployment benefits for the week ending Nov. 26 (the most recent data available), an increase of 3,190 from the prior week. The total number of people claiming benefits in all programs for the week ending Nov. 26 was 7,449,507, an increase of 874,670 from the previous week. The largest increases in initial claims for the week ending Dec. 3 were in California, New York, North Carolina, and Pennsylvania. The largest decreases were in Arkansas, Puerto Rico, Vermont, and Wisconsin.