* Jobless claims rise 2,000 last week
* Four-week moving average lowest in over two years
* Continuing claims lowest since November 2008
WASHINGTON, Nov 18 (Reuters) - New U.S. claims for jobless benefits rose slightly last week, but the underlying trend remained tilted toward improvement with a moving average hitting a fresh two-year low.
Initial claims for state unemployment benefits climbed 2,000 to a seasonally adjusted 439,000, the Labor Department said on Thursday. Economists polled by Reuters had forecast claims rising to 440,000 from the previously reported 435,000.
"It's showing some hope that there is a recovery in labor demand," said Nick Kalivas, analyst at MF Global in Chicago.
U.S. stock index futures held gains after the data, while Treasury debt prices were little changed.
The data covered the survey week for the government's employment report for November, but weekly claims have been too volatile to provide a good prediction of nonfarm payrolls.
A Labor Department official said there was nothing unusual in the state-level data.
The four-week average of new jobless claims, considered a better measure of underlying labor market trends, dropped 4,000 to 443,000, the lowest level since the week ending Sept. 6, 2008.
Despite the rise in initial claims last week, the labor market distress is showing signs of easing, with payrolls data showing employers adding jobs last month for the first time since May.
The anemic labor market was a key factor in the Federal Reserve's controversial Nov. 3 decision to stimulate the economy through purchases of an additional $600 billion worth of government bonds.
The number of people still receiving benefits after an initial week of aid fell 48,000 to 4.30 million in the week ended Nov. 6, in line with expectations and the lowest since November 2008. The prior week's figure was revised up to 4.34 million.
The number of people on emergency unemployment benefits rose 66,767 to 3.97 million in the week ended Oct. 30. A total of 8.85 million people were claiming unemployment benefits during that period under all programs.
Jobless benefits for 800,000 people will expire on Nov. 30 unless Congress renews them. In total, two million unemployed people would lose benefits by the end of December.
The benefits have been renewed several times as the country struggles with a 9.6 percent unemployment rate. (Reporting by Lucia Mutikani; Editing by Andrea Ricci)