Jobless Claims Fall

WASHINGTON (Reuters) - New applications for jobless aid fell unexpectedly last week, dropping by 13,000, but the more reliable average of these claims rose to the highest level in six months, government data on Thursday showed.
Initial claims for state unemployment insurance benefits fell for the third straight week, dropping to a seasonally adjusted 317,000 in the week ended November 3 from a revised 330,000 the prior week, the Labor Department said.
Wall Street economists were expecting a slight increase in claims to 330,000 from the originally reported 327,000 claims for the week ended October 27.
Of the total number of new claims in the latest reporting week, slightly less than 3,000 were related to the California wildfires, a Labor Department spokesman said.
The four-week moving average of new claims, considered a better gauge of labor market trends because it irons out weekly gyrations edged up to 329,750 from 327,750. That was the highest level hit since April 21.