The number of newly jobless workers in the U.S. filing for unemployment insurance fell last week to its lowest levels in more than a year, according to government data released Wednesday.
Initial claims for state jobless benefits dropped to a seasonally adjusted 466,000 for the week ended Nov.21, the U.S. Department of Labor said. The number represents 35,000 fewer claims from just one week earlier when the number stood at 501,000. The figures beat analysts' outlook by a fairly significant margin, projections for the week had previously hovered around the 500,000 mark.
The number of newly jobless is now at its lowest level since Sept. 13, 2008. And for the first time since last January, fewer than 500,000 newly jobless applied for unemployment benefits. It's yet another sign of a recovering U.S. economy as incomes grow modestly and consumers began increasing their spending again in October.
Still, economists say the U.S. economy must add 125,000 new jobs a month just to keep the unemployment rate at current levels.
-With files from Reuters, the Canadian Press
