·
Initial claims for unemployment insurance fell unexpectedly last week
and remained at the lowest level since early last year. Claims in the
prior week were revised up slightly.
· The latest decline in initial claims may reflect the late timing of the Thanksgiving holiday and the difficulties of seasonal adjustment.
The four-week moving average of initial claims dropped to 376,500, down 14.3% y/y.
· Continuing claims for unemployment insurance fell a sharp 3.4% to the lowest level since mid-July. The prior week's sharp increase was revised down. The latest figure is for the week before Thanksgiving. Regardless, the timing of holidays should not affect the seasonal patterns of continuing claims since claimants receive benefits by mail.
· The insured rate of unemployment fell to 2.7%, the lowest level since early August, and the prior week's rate was revised down.