The number of workers filing initial claims for unemployment benefits again beat expectations, adding to a downward trend and lifting economists’ projections for job creation in the month.
The Department of Labor reported Thursday that 283,000 workers filed for unemployment insurance benefits in the week that ended Oct. 18, slightly below projections.
That number was an increase from the extremely low tally of 266,000 claims the week before, but nevertheless sent the four-week moving average for claims further down to 281,000.
That marked the lowest four-week moving average since May of 2000. The moving average better portrays developments in the labor market by reducing some of the week-to-week volatility that affects claims.
The Department of Labor did not report any special factors affecting Thursday’s numbers. There were 2.1 million people in total receiving unemployment benefits as of Oct. 4.
Combined with a recent increase in advertised job openings to pre-recession levels, falling unemployment claims suggest that net job growth will continue to accelerate in the months ahead.
The U.S. economy has averaged just under 230,000 jobs created a month in 2014, with 248,000 added in September.
Early projections from Wall Street economists Thursday morning placed the October jobs number that will be released Nov. 7 at 225,000 to 250,000, despite signs of turmoil in financial markets and gathering economic headwinds from slowing growth overseas.
