Jobless Claims Drop 35,000, Hit Best Level Since September 2008

Seasonally-adjusted initital jobless claims fell 35,000 from last week to 466,000. Yet they rose 68,080 on an unadjusted basis. This basically means they rose less than normal for this time of year.

At 466,000 on a seasonally adjusted basis, the jobless claims are now below 500,000 for the first time since January, when they were 488,000. They are also at the lowest level since the week of September 13th, 2008 when they hit 459,000.

Department of labour: The highest insured unemployment rates in the week ending Nov. 7 were in Puerto Rico (6.2 per cent), Oregon (5.5), Alaska (5.1), Nevada (5.1), Pennsylvania (4.9), Wisconsin (4.9), Arkansas (4.7), California (4.7), Michigan (4.6), North Carolina (4.6), and Washington (4.6).

The largest increases in initial claims for the week ending Nov. 14 were in Florida (+1,313), Indiana (+607), Hawaii (+278), and North Dakota (+81), while the largest decreases were in California (-7,987), Texas (-4,710), Pennsylvania (-4,321), Wisconsin (-2,716), and Ohio (-2,486).

Check out the official release here.

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