US sees jobless rate drop to three-year low

The number of US workers filing for unemployment benefits over the past four weeks fell to a nearly three-year low, according to the U.S. the Labour Department's latest figures.

The number of US workers filing for unemployment benefits over the past four weeks fell to a nearly three-year low, according to the US Labour Department's latest figures.

The four-week average of initial claims for state benefits dropped by 10,000 to stand at 358,750 in the week ended November 22, the lowest since the week ending February 10, 2001, it said.

The four-week average is considered a better barometer of labor market conditions as the weekly new-claims number is subject to significant revisions and statistical quirks.

The number of new claims calculated in the most recent week fell by 11,000 to 351,000, down from a revised 362,000.