Lorraine Woellert of Bloomberg reports:
First-time jobless claims dropped 10,000 to a three-week low of 278,000 in the week ended Nov. 1, the Labor Department reported today in Washington. The median forecast of 50 economists surveyed by Bloomberg called for 285,000. The four-week moving average, a less-volatile measure of job cuts, reached the lowest level in more than 14 years.
The BLS will release the October employment numbers tomorrow. It is expected to show increased hiring on the order of 235,000 and an unchanged unemployment rate of 5.9 percent.
The economy continues to perform even as it does not dazzle.
