Elevated Average
The four-week average of claims, a less-volatile measure, decreased to 344,000 last week from 349,750 the prior week. The reading compares with an average 328,750 at the end of August, before delays in processing claims in California caused the numbers to see saw.
California was among states and territories for which claims were estimated last week. The others were Virginia, Hawaii, Washington and Puerto Rico.
The number of people continuing to receive jobless benefits was unchanged at 2.87 million in the week ended Nov. 2.
Continuing claims don’t include Americans who have exhausted their traditional state aid and are receiving emergency and extended benefits under federal programs. Those job seekers decreased by about 37,000 to 1.33 million in the week ended Oct. 26.
The unemployment rate among people eligible for benefits held at 2.2 percent in the week of Nov. 2, where its been since mid-September.
State Breakdown
Thirty-three states and territories reported an increase in claims, while 20 reported a decrease. These data are reported with a one-week lag.
Initial jobless claims reflect weekly firings and typically wane before job growth can accelerate. Federal Reserve policy makers are waiting to see more evidence the economy will continue to improve before they trim $85 billion in monthly purchases of Treasury and mortgage debt.
A report last week showed American employers added 204,000 workers to payrolls in October even as gridlock over the budget in Washington forced the partial closing of federal agencies, topping the most optimistic forecast in a survey of economists.