US Jobless Claims Declined Last Week

Figures released Thursday by Washington revealed initial jobless claims declined by 8,000 to 211,000 in the seven days ended November 2, Economists had forecast new claims to total a seasonally-adjusted 215,000.

The consensus forecast had been for a reading 215,000, while the previous week's reading was revised up by 1,000. The Labor Department said claims for one state, Kentucky, were estimated last week.

Filings for USA unemployment benefits declined more than expected to reach a four-week low, another sign that a resilient labor market continues to underpin the economy.

The report is the latest indication that the labor market remains robust despite weakness in some parts of the economy, such as manufacturing and business investment. Employment grew faster than expected in October, with firms adding 128,000 jobs, even though a strike by workers at General Motors idled 46,000 employees at the automaker's plants in MI and Kentucky. Officials also signaled a pause in the easing cycle, which started in July when the central bank reduced borrowing costs for the first time since 2008. The four-week moving average increased by 250 to 215,250 last week.

-Continuing claims, those filed by workers unemployed for longer than a week, fell by 3,000 to 1.689 million in the week ending October 26.

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