New jobless claims fall 10k to 278k. 4-week average falls to 279k - which is a new 14 year low. Once again, Clinton era numbers

Layoffs are down right now in the labor market as initial jobless claims fell 10,000 in the November 1 week to 278,000. The 4-week average is down 2,250 to 279,000. This is the seventh decline in eight weeks for the average and a new 14-year low.

Continuing claims, in data that lag by a week, are also down, at 2.348 million for a 39,000 decline in the October 25 week and another 14-year low. The 4-week average is down 8,000 to 2.370 million with the unemployment rate for insured workers unchanged at 1.8 percent.

There are no special factors in today's report, a report that is certain to build confidence for strength in tomorrow's October employment report.