The number of people filing new claims for unemployment insurance in the latest week fell more than expected to its lowest level in eight weeks, the Labor Department said this afternoon.
First-time claims fell 20,000 to 304,000 in the week ended December 9th, the department said. That's the lowest level since the week ended October 14th. Economists had expected about 320,000 new claims.
The four-week average of first-time claims fell 1,500 to 327,250. Economists prefer the four-week average because it smoothes out fluctuations in the weekly data.
The number of people continuing to claim unemployment insurance fell 33,000 to 2.48 million in the week ending December 2nd. That's the lowest level since November 18th.
The four-week average of continuing claims rose 9,250 to 2.47 million, the highest level since September 9th.