02:33 PM EST, 11/14/2024 (MT Newswires) -- Weekly applications for unemployment insurance dipped to the lowest level since May, while continuing claims retracted, according to US government data released Thursday.

The seasonally adjusted number of initial claims dropped by 4,000 to 217,000 in the week ended Saturday, the lowest point since May 18, according to the Department of Labor. The consensus was for a 220,000 level in a survey of analysts compiled by Bloomberg. The previous week's level was unrevised at 221,000.

Last week's claims fell as the impact of recent hurricanes and the now-resolved Boeing (BA) strike faded, Oxford Economics said in commentary emailed to MT Newswires. The strike lasted more than seven weeks through early November.

The four-week moving average for initial claims declined by 6,250 to 221,000 from the prior unrevised tally of 227,250.

For the week ended Nov. 2, seasonally adjusted continuing claims fell by 11,000 to 1.87 million, matching the Bloomberg-polled consensus. The previous week's tally was revised down by 8,000. The four-week moving average was 1.87 million, the highest point since Nov. 27, 2021. The previous week's four-year average was revised down by 2,000.

"Continued claims may remain elevated for longer as it may take time for some of those who suffered job losses related to the hurricanes or the Boeing strike to return to work or find new jobs," Oxford Lead US Economist Nancy Vanden Houten wrote.

Continued applications remained elevated in Michigan and Ohio amid manufacturing layoffs, she said.