The number of Americans filing first-
time applications for state unemployment benefits totaled 353,000
last week, matching the lowest in almost three years and
suggesting the job outlook is brightening heading into 2004.
Initial jobless claims fell by 1,000 in the week that ended
Saturday from 354,000 a week earlier, the Labor Department said in
Washington. The total was the same as the last week of October,
which was the lowest since January 2001.
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Regional factory surveys this month show more manufacturers
are adding to payrolls than are firing workers as businesses try
to rebuild inventories. An improving job market may help keep
consumers spending next year. Incomes jumped by the most in over a
year last month as payrolls rose and employees worked longer
hours.
Economists had expected claims would total 355,000, based on
the median of 35 forecasts in a Bloomberg News survey, from the
353,000 initially reported for the week earlier. Forecasts ranged
from 340,000 to 365,000.
Bloomberg News
