Last week 435,000 peolpe filed first-time claims for unemployment insurance, a decrease of 24,000 from the previous week, the Department of Labor reported today. That’s the lowest level in four months. The four-week moving average, a figure intended to smooth out volatility, fell to 446,500, a decrease of 10,000 from the previous week and, the NYT says, “a level not seen since late 2008.”
Interesting side note: last year, economists were saying that claims needed to be steadily below 400,000 to prove that the market was recovering. Now, according to the New York Post, analysts will settle for 425,000.
Meanwhile for the week ended Oct. 30, about 4.3 million people overall were receiving some form of unemployment benefits from their state; another 3.8 million were getting extended federal benefits.