The Labor Department reported that 207,000 Americans have filed new claims for state unemployment benefits, an increase of 7,000 from the previous week’s revised level. The previous week’s level was revised up by 2,000 from 198,000 to 200,000. The four-week moving average was 204,500, an increase of 4,750 from the previous week’s revised average. The previous week’s average was revised up by 500 from 199,250 to 199,750.
“The underlying trend in claims is downward but the speed of the drop in October and early November could not be sustained,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics. “The fundamentals haven’t changed;