First-time applications for unemployment benefits fell to 297,000 for the week ending Nov. 29, the Department of Labor reported Thursday.
That number, which was in line with economists’ expectations, reversed a significant increase in the previous week, when claims unexpectedly rose to a revised 313,000.
In recent weeks, jobless benefit claims have been running near the lowest levels they have since the late days of the dot-com bubble. With claims back below the 300,000 line, expectations will be set for continued improvement in employment gains.
Wall Street economists expect Friday’s jobs report from the Bureau of Labor Statistics to show strong hiring in November. Expectations are for 230,000 new payroll jobs and for the unemployment rate to remain steady at 5.8 percent.
At 299,000, the four-week moving average of jobless claims remains low.
There were 2.2 million people receiving unemployment benefits in total in the week ending Nov. 15, down from 4.1 million a year earlier. That improvement reflects both ongoing improvement in the labor market and the expiration of benefits for long-term unemployed workers last December.
Low claims for jobless benefits reflect the slowing pace of layoffs, which have mostly returned to normal levels. Advertised job openings also have spiked during the year, although the improvement to hiring has been slower.
