The BLS reported that for the week ending Nov. 14, seasonally adjusted initial jobless claims were 505,000. Last week's number was revised slightly higher to 505,000 as well.
"The 4-week moving average was 514,000, a decrease of 6,500 from the previous week's revised average of 520,500."
Unadjusted, there were 479,295 new claims, a decrease of 53,132 from the week before, and well below the 513,000 initial claims in the same week last year.
In unadjusted terms, this was the best new claims number, relative to normal seasonal adjustment, in over a year. The 4 week moving average is now about 21% lower than the peak of 658,750 on April 3 of this year. Needless to say, the continuing decline in the number of new claims bodes well for the jobs outlook.