Jobless claims hold steady under 300K

First-time applications for unemployment insurance fell again last week, reflecting growing stability in the job market. 

Claims for jobless benefits fell 3,000 to a seasonally adjusted 294,000, according to the Labor Department’s latest figures released Thursday — a sign that employers are laying off fewer workers.

{mosads}The less volatile four-week average increased slightly by 250 to 299,250.

Weekly applications have held steady below 300,000 — except for one time a couple of weeks ago — since early September, as the overall job market has continued to strengthen. 

Employers added 321,000 jobs in November, well above expectations and one of only a few times since the recession that the labor market has produced such strong numbers. 

Through November, payrolls have expanded by 2.65 million jobs, the best performance since 1999.

Elise Gould, chief economist with the Economic Policy Institute, said while the jobs report was positive news, the labor market and the broader economy can’t be considered back to normal without consistent wage growth. 

“Wage growth is the No. 1 thing we’re waiting for,” she said.