In addition, the number of those remaining on the rolls of the unemployed fell by 349,000 the largest one-week drop in 18 years, according to data released by the Department of Labor. The number now stands at 3.64 million, 1.3 million higher than the number a year ago, when the jobless rate was as low as 3.9%.
Nevertheless, the labor market still remains weak – the closely watched four week moving average, which smoothes out weekly volatility increased slightly to 460,750 from the previous week’s 455,000
The data release comes ahead of the much-anticipated November unemployment rate, to be released tomorrow. October’s report saw unemployment jump by 0.5% to reach 5.4%.