In the week ending November 1, the advance figure for seasonally adjusted initial claims for unemployment insurance declined to 278,000 from the previous week's upwardly revised level of 288,000 (from 287,000). The four-week moving average, a less volatile gauge of underlying labor market conditions, fell to its lowest level in more than 14 years, declining to 279,000 from the previous week's level of just over 281,000. The underlying trend in claims points to continued strengthening in the labor market.
