By Ruth Mantell, MarketWatch
WASHINGTON (MarketWatch) — New applications for regular state unemployment-insurance benefits ticked higher, according to the latest weekly data, rising 2,000 to a seasonally adjusted 393,000, the Labor Department reported Wednesday.
Economists polled by MarketWatch had expected a reading of 390,000 for the week ended Nov. 19. The latest weekly level is down almost 6% from the year-earlier period.
Claims for the prior week were revised to 391,000 from an earlier estimate of 388,000.
Economists say that the initial-claims level would have to remain below 400,000 before there’s a substantial gain in hiring. While the weekly data are volatile, claims have been equal to or less than 400,000 for four consecutive weeks.
The average of new claims over the past four weeks, a smoother gauge than the volatile weekly number, fell 3,250 to 394,250, reaching the lowest level since early April.
Continuing claims rose 68,000 to 3.69 million in the week ended Nov. 12. The four-week average for these claims fell 2,250 to 3.67 million, the lowest level since October 2008.
A total of 6.73 million people received some kind of state or federal benefit in the week ended Nov. 5, down 45,000 from the prior week. During the same period last year about 8.53 million people were receiving some kind of benefit.
Ruth Mantell is a MarketWatch reporter based in Washington.
