Weekly initial jobless claims resumed its downward march, declining 17,000 to 421,000, while the 4-week moving average slid 4,000 to 427,500.
Continuing claims continue to improve, falling 191,000 to 4.1 million.
The downward trend that resumed in August is signaling that the economy is firming and is also pointing to an eventual pick up in hiring.
November’s disappointing 39,000 increase in nonfarm payrolls was obviously a letdown, but a slow improvement in the labor market should eventually be reflected given the recent path we’ve seen in jobless claims.
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