Jobless applications fall back below 300,000

First-time applications for unemployment insurance fell below 300,000 after popping up above that level for the first time since late summer. 

Claims for jobless benefits fell 17,000 to a seasonally adjusted 297,000, a sign that employers are laying off fewer workers, according to the Labor Department’s latest figures, released Thursday.

{mosads}The less volatile four-week moving average increased 4,750 to 299,000.

The trend of falling applications this year — claims have consistently held below 300,000 since early September — has matched the recent surge in hiring, which is expected to eclipse 200,000 again in November. 

Private employers added 208,000 jobs in the last month, according to payroll processor ADP’s report released on Wednesday. 

The broader government report, which is due out Friday, is forecast to show an addition of about 235,000 jobs last month. 

November would represent the ninth straight month of job gains over 200,000, with an average of nearly 230,000, a healthy improvement over last year’s 194,000 and the best streak in 15 years. 

The unemployment rate dropped to 5.8 percent in October and could tick down again in November, according to forecasts.  

Economists are expecting the labor market to start showing other signs of improvement in the coming year, with a tightening of slack in several areas including a drop in the historically high long-term unemployment figures and the addition of more full-time jobs for those who want more than part-time work. 

But wages have been slow to make gains and economists say bigger increases, which are expected to pick up pace, are needed to boost economic growth.