New applications for unemployment benefits for the week ending November 6th fell by 24,000 to 435,000 from the previous week. The total number of people collecting unemployment insurance fell to the lowest level since November 2008, and those receiving extended payments also declined.
“This is further confirmation that the job market is slowly improving,” said Russell Price, a senior economist at Ameriprise Financial Inc. in Detroit. “We are now headed in the right direction and may make some progress in breaking free of the range we’ve been stuck in since the beginning of the year.”
Source: Bloomberg