US jobless claims drop to 217,000 last week after rising for two weeks

Initial jobless claims in the US fell to 217,000 last week, after rising in the previous two weeks amid a slowing economy, the Labor Department reported.

In the week ending November 4, the number of Americans filing for unemployment benefits decreased by 3,000 from the previous week’s revised level of 220,000, according to a report released by the Department’s Bureau of Labor Statistics.

The four-week moving average for initial jobless claims, a method to iron out data volatility, increased by 1,500 to 212,250, Xinhua news agency quoted the report as saying.

Overall, jobless claims have been on a declining trend since summer, indicating robust economic growth and labor market resilience.

But data in recent weeks showed that the labor market is moderating.

October saw the US add 150,000 jobs, according to data released last week.

That’s roughly half the previous month’s gain of 297,000 jobs, and raises the question whether a hiring slowdown is coming.

October recorded the weakest gains since June, at a time when 33,000 workers in the auto industry remained on the payroll due to ongoing strikes.