Applications for unemployment insurance fell to 278,000 in mid-January, the Department of Labor reported Thursday, from 294,000 the week before.
Private-sector economists had expected initial claims to fall to 285,000, according to a survey conducted by Bloomberg.
The four-week moving average of claims also fell, by 2,250 to 283,000.
Thursday’s numbers halted an apparent recent upward trend in jobless claims, which may have bottomed out during the fall.
Despite the recent weeks’ increases in claims, claims remain near rock-bottom levels. The moving average of claims remains below where it was anytime in the 2001-2007 expansion.
Jobless claims numbers, which the Labor Department adjusts to smooth out seasonal fluctuations, are released every week, providing for a high-frequency gauge of the economy’s health. Economists closely watch the numbers for early indications that layoffs might be rising and job growth slowing.
Monthly job growth has been strong recently. Over the past three months through December, the economy has added over 280,000 payroll jobs on average each month, a big uptick from earlier in 2015.
Ongoing job gains have been the strongest signal that the U.S. economy remains headed toward growth, amid a growing number of warning signs that the risk of recession is rising. Those include slowing output growth, falling stock markets, shrinking industrial production, and, reported on Thursday by the Department of Commerce, cratering purchases of big-ticket items.
The Department of Labor said that no special factors influenced its numbers Thursday.
