Fall in Unemployment Claims Shows U.S. Economy is Gaining Pace

New weekly claims for unemployment insurance came in slightly higher than expected however number underpins the pace of layoffs as seen in the pandemic time reached its plateau.

According to the Labor Department, first time claims for unemployment for the week ended November 13 were 268,000 compared to 260,000 of Dow Jones estimates. The number for last week was revised upward to 269,000.

Claims were lowest since the beginning of the pandemic however are in pace with the figures over the past months.

Continuing claims for the week ended on November 5 stood at 2.080 million compared to 2.120 million forecasted.

However, tightness in the labor market still a obstacle to faster job growth as shown in quit rates surged to an all time high of 3.0% in September.