Initial jobless claims declined 3,000 last
week to a total of 303,000
December 4, 1997: 8:59 a.m. ET
NEW YORK (CNNfn) - The historically low levels
of people seeking first-time unemployment benefits
continued last week, the U.S. Labor Department
reported Thursday.
Initial jobless claims fell 3,000 for the week ended
Nov. 29 to a total of 303,000 from a revised
306,000 the previous week. It was far short of the
23,000 claim drop predicted by economists.
The figures were still more bad news for inflation
watchers. Fewer people seeking unemployment
benefits means the job market is tighter. That can
push employers to increase wages to attract or hold
workers, and that extra money in the economy can
lead to inflation.
Wall Street will get a clearer picture of the
nation's labor situation Friday when the government
issues its unemployment rate figure for November.
Analysts expect it to come in at 4.8 percent, up from
4.7 percent the previous month.
The bond market's reaction to the indications of a
strong labor market was muted, with the 30-year
Treasury bond edging down just 1/32, pushing the
yield up to 6.02 percent.
The four-week moving average of initial jobless
claims underscored the stronger labor trend. It fell
3,250 to 314,000. That figure is often more
closely-watched by economists because it minimizes
the effect of any one week's spike.
Overall, the Labor Department said the most
recent figures show 2.21 million people are receiving
unemployment benefits, with Puerto Rico, Alaska,
Washington and Rhode Island having the most
recipients.
-- by staff writer Randy Schultz |
