The four-week moving average of jobless claims fell to its lowest level in 14 years Thursday, as layoffs continue to slow and the labor market picks up.
The Department of Labor reported Thursday that initial claims for unemployment insurance fell by 10,000 to 278,000 for the week ending Nov. 1.
That drop brought the four-week moving average for claims down to 279,000, the lowest level since April 29, 2000.
The total number of unemployed workers receiving benefits was 2,348,000. That number was also the lowest since 2000.
The ongoing improvement in unemployment claims sets up high expectations for the monthly jobs number that will be reported by the Bureau of Labor Statistics on Friday morning.
Analysts expect the report to show robust growth of about 240,000 new payroll jobs.
Job creation has accelerated in 2014, with businesses and governments adding roughly 230,000 new jobs a month, well above the pace set in the previous years of the economic recovery. The unemployment rate has slipped from 6.7 percent to 5.9 percent over the year.
That is partly a factor of slowing layoffs, but it also reflects an acceleration in new job listings over theyears. Job vacancies are up roughly a quarter year-over-year.
