EMPLOYMENT: Jobless claims rose last week

The number of jobless claims remains low despite an increase.

More Americans filed for unemployment benefits last week. But claims are still at low levels that point to greater job security. The U.S. Labor Department said Thursday that applications for jobless aid rose by 17,000 to a seasonally adjusted 268,000. The less-volatile four-week average ticked up 500 to 251,500. The overall number of people collecting unemployment checks was 2.08 million, down more than 5% from a year earlier. Weekly claims have stayed below 300,000 for 91 straight weeks, the longest streak since 1970.

FACTORIES: Production rose in November

American factories expanded for the third straight month in November, another good sign for the American economy. The Institute for Supply Management says its manufacturing index came in at 53.2 last month, up from 51.9 in October and the highest since June. Anything over 50 signals growth. The ISM manufacturing index resumed growth in March and has topped 50 for eight of the last nine months. Eleven of 18 manufacturing industries reported growth last month, led by petroleum and coal producers.

OIL: Impact of OPEC cut should be minimal

OPEC’s decision to cut production gave an immediate boost to oil prices, but the impact on consumers and the U.S. economy is likely to be more modest and gradual. The cartel agreed Wednesday to cut output by 1.2 million barrels a day, reversing a strategy that produced lower oil prices and pain for U.S. drillers but saved money for consumers. Even if OPEC members carry through on their promises, global oil production would only fall by about 1%. There is still more supply than demand — the reason oil prices collapsed beginning in mid-2014.

CONSTRUCTION: Building activity rose in October

U.S. builders boosted spending on construction projects by a modest amount in October, helped by big gains in spending on home construction and the biggest increase in government projects in 10 months. Construction spending rose 0.5% in October following no change in September, the Commerce Department reported Thursday. Home construction increased 1.6%, helping offset a 2.1% drop in spending on nonresidential projects. Outlays for construction of offices, hotels and shopping centers all declined. Spending on government projects jumped 2.8%, the biggest increase since last December, as federal, state and local spending all rose.