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Thursday, November 7, 2024
HomeNewsEconomyWeekly Jobless Claims Point to Sustained Labor Market Strength

Weekly Jobless Claims Point to Sustained Labor Market Strength

An employee at Home Depot (NYSE:HD) beyond a now hiring sign at a satellite location. (Photo: Reuters)
An employee at Home Depot (NYSE:HD) beyond a now hiring sign at a satellite location. (Photo: Reuters)

An employee at Home Depot (NYSE:HD) beyond a now hiring sign at a satellite location. (Photo: Reuters)

The Labor Department Thursday said weekly jobless claims came in at 244,000, which pulled the 4-week average lower for the third week in row. The four-week moving average decline a sizable 4,250 to 243,000.

Economists expected a slightly less 242,000.

A Labor Department analyst said there were no special factors impacting the data, though claims from Puerto Rico and once again Louisiana had to be estimated.

Continuing claims, which lag a week, were also favorable, falling significantly 49,000 to 1.979 million for a 17-year low. This 4-week average is down 2,000 to 2.024 million which is also a 17-year low.

The unemployment rate for insured workers–excluding job leavers and re-entrants–is down 1 tenth to a very low 1.4%.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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