Initial U.S. jobless claims fall by 11,000

WASHINGTON, Nov. 21 (UPI) -- New U.S. unemployment-insurance applications fell by 11,000 to the lowest level since the the beginning of the month, the U.S. Labor Department said Wednesday.

Last week's drop to 330,000 was in line with many economists' forecasts.

New claims for unemployment insurance stood at 322,000 a year ago, the department said.

The four-week moving average of claims, which smooths out week-to-week volatility, fell by 750 to 329,750, the department said.

A year ago, the four-week average of claims was 319,500.

The number of continuing claims for unemployment benefits rose by 7,000 to 2.57 million the week before last, the most recent week for which that information is available. A year ago, continuing claims were 2.43 million.

The unemployment rate for workers with unemployment insurance held steady at 1.9 percent.

Michigan reported the largest increase in new claims the week of Nov. 10, at 6,895, due to automobile-industry layoffs. Iowa reported the biggest decrease, at 2,397. The department gave no reason for the drop.