New claims for unemployment benefits rose to 251,000 in mid-November, the Department of Labor reported Wednesday, up 18,000 from a 43-year low the week before.
The report was right in line with forecasters’ expectations, and another sign that the labor market remains strong as the holiday season begins and President Obama’s tenure nears its end.
Low jobless claims are viewed as a good sign for the economy. Fewer people signing up for unemployment benefits suggests that layoffs are relatively infrequent. Investors and government officials pay close attention to the numbers because they are collected from state governments and published on a weekly basis.
As claims have plumbed multi-decade lows in recent weeks, job growth has remained strong.
Over the past three months, the U.S. economy has created an average of 176,000 new jobs. That is more than enough to keep unemployment trending down.
Economists reckon that as long as new jobless claims are below the 300,000 mark, net job growth will continue. Jobless claims haven’t hit that mark in 90 straight weeks, and have averaged 251,000 over the past month.
