Applications for unemployment benefits held steady at 276,000 in the first week of November, the Labor Department reported Thursday, advancing the trend toward decades-low claims.
The four-week moving average for first-time claims rose for a second straight week, by 5,000 to 267,750. Despite that increase, however, the average is still at a level not seen before this fall since the early 1970s.
Private-sector economists polled by Bloomberg had expected around 266,000 first-time claims, which are adjusted for seasonal fluctuations.
Officials and investors view low levels of jobless claims as a sign that layoffs are also infrequent.
In recent months, however, that relationship may have broken down as jobless claims have fallen to levels not seen since the Nixon administration, a time when the labor force was almost half the size it is today.
It’s possible that fewer workers are bothering to stop by state employment offices to collect benefits as the outlook for new jobs has gotten better. Advertised job openings have hit the highest levels on record in recent months, and the unemployment rate is half what it was during the worst of the recession.
The jobs report for October, however, suggested that the low number of jobless claims is still translating to strong payroll employment gains. The economy added 271,000 jobs in the month, and the unemployment rate hit 5 percent, close to the level government officials see as consistent with a fully healthy economy.
The Labor Department said that there were no special factors affecting Thursday’s claims numbers.
The total number of people receiving benefits of all durations, which are available for up to 26 weeks, was 1.9 million, down from 2.1 million a year ago.
