The number of people filing initial applications for U.S. state unemployment benefits fell below 300,000 last week after having spiked above that level the previous week for the first time in almost three months, the government reported Thursday. The Labor Department said jobless claims fell 17,000 to 297,000 last week. Claims have been under 300,000 for 11 of the past 12 weeks, an unusually low level that suggests employers plan to add workers and expect stronger growth. The four-week moving average of claims - considered a better measure of labor-market trends because it smoothes weekly volatility - increased by 4,750 to 299,000. It has remained below 300,000 for 12 consecutive weeks, also indicating labor-market strength. Lower jobless claims have been matched by stronger hiring as the unemployment rate has fallen to 5.8 percent from 7.2 percent a year ago. The November job-creation report to be released Friday is expected to show gains of between 225,000 and 230,000 jobs last month.
