Jobless claims fell 2,000 last week

Applications for weekly jobless benefits ticked down last week as the labor market continues to churn out mostly positive data. 

Unemployment insurance applications fell 2,000 to a seasonally adjusted 291,000, the Labor Department said Thursday.

{mosads}The four-week average, which is a better indicator of the labor market’s growth, rose 1,750 to 287,500.

Employers are laying off fewer workers, and the labor market is adding more than 200,000 jobs a month on average, but there are still weak spots being closely watched by economists. 

Wage growth remains stagnant, and there is still plenty of slack in the labor market — people working part time who want more work, and the number of long-term unemployed remains historically high. 

The November jobs report is set for release on Dec. 5. 

Last month, the unemployment rate dropped to 5.8 percent. 

A separate report on Thursday showed prices were unchanged in October on falling gas prices. The price index had gained 0.1 percent the previous month, the Commerce Department reported. 

Among other reports today, the cost of living was little changed in October, reflecting a drop in energy prices that has yet to filter through to other goods and services. The consumer-price index was unchanged after a 0.1 percent gain the prior month, the Labor Department said Thursday in Washington. Excluding volatile food and fuel, the so-called core measure rose 0.2 percent, the most in five months.

Economists are more upbeat about the coming year with many expecting wages to rise, and much of the slack to dissipate.

Federal Reserve officials ended the central bank’s massive monthly bond purchases last month because of an improving economy and labor market conditions.

“A range of indicators suggested that underutilization of labor resources was gradually diminishing,” they said.