First-time claims for U.S. unemployment benefits unexpectedly decreased in the week ended November 12th, according to a report released by the Labor Department on Thursday, with claims falling to their lowest level in over forty years.
The report said initial jobless claims fell to 235,000, a decrease of 19,000 from the previous week's unrevised level of 254,000. Economists had expected jobless claims to inch up to 257,000.
With the unexpected decline, jobless claims dropped to their lowest level since hitting 233,000 in November of 1973.
The Labor Department also said the less volatile four-week moving average dropped to 253,500, a decrease of 6,500 from the previous week's revised average of 260,000.
Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also slid by 66,000 to 1.977 million in the week ended November 5th.
The decrease pulled continuing claims down to their lowest level since hitting 1.962 million in April of 2000.
The four-week moving average of continuing claims also fell to a sixteen-year low of 2,022,500, a decrease of 19,250 from the previous week's revised average of 2,041,750.
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