By CountingPips.com
U.S. weekly jobless claims decreased by more than expected in the week that ended on November 20th, according to a release by the U.S. Labor Department today. New jobless claims fell by 34,000 workers to a total of 407,000 unemployed workers, marking the lowest level of claims since July 2008. The 4-week moving average of unemployed workers decreased by 7,500 workers from the previous week to a total of 436,000.
Market forecasts were expecting jobless claims to decline to 435,000 unemployed workers following the prior week’s 441,000 revised number of claims.
Meanwhile, workers seeking continuing claims for unemployment benefits for the week ending November 13th also decreased for the week. Continuing claims fell by 142,000 workers to a total of 4,182,000 unemployed workers. The four week moving average of continuing claims dropped by 51,500 workers to a total of 4,309,000.
Continuing claims decreased by more than expected as market forecasters were looking for 4,275,000 continued unemployment claims.