A small dip in the number of first-time filers is welcome, but makes little dent in the overall picture
In more good news for the U.S economy, the number of first-time filers for unemployment benefits fell in the week ending November 12 to 388,000, a decrease of 5,000 from the previous week’s 393,000.
This strong number – below the psychologically important 400,000 benchmark gives economic analysts a sign of the growing strength of the U.S economy and a pickup in hiring.
The 4-week moving average also fell to 396,750, a decrease of 4,000 from the previous week’s revised average of 400,750.
The advance seasonally adjusted insured unemployment rate was 2.9% for the week ending November 5, unchanged from the prior week’s revised rate.
Continuing claims – which include people filing for the second week of benefits or more during the week ending November 5 was 3,608,000, a decrease of 57,000 from the preceding week’s revised level of 3,665,000.
The 4-week moving average was 3,670,000, an decrease of 32,750 from the preceding week’s revised average of 3,702,750.
There are a few things that can still go wrong with the scenario of a U.S. recovery, such as the Eurozone crisis. However, the U.S. may benefit from that also as investors seek safe havens for their cash, particularly U.S. Treasury Bills.
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