The number of Americans filing new claims for unemployment benefits fell more than expected last week, while a reading on U.S. productivity came in better than expected..
Initial claims for state unemployment benefits dropped 10,000 to a seasonally-adjusted 278,000 for the week ended Nov. 1, the U.S. Labor Department said on Thursday.
The four-week moving average of claims, considered a better measure of labour market trends as it irons out week-to-week volatility, fell 2,250 to 279,000, the lowest reading since April 2000.
Economists had forecast claims dipping to 285,000 last week. Claims have now been below the 300,000 threshold for eight straight weeks, suggesting that employment growth was gaining momentum.
A report on Wednesday showed private payrolls increased 230,000 in October, for a record seven straight months of job gains exceeding 200,000.
The government is expected to report on Friday that non-farm payrolls advanced 231,000 last month after rising 248,000 in September, according to a survey of economists. The jobless rate is seen steady at a six-year low of 5.9%.
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