The latest figures show a decline in the number of Americans seeking unemployment benefits, reaching the lowest point in six months as job cuts remain relatively moderate.
Last week, the Labor Department released data indicating that initial jobless claims decreased by 4,000, bringing the total to 217,000 for the week ending November 9, which is below the anticipated 225,000 claims projected by economists.
The four-week moving average, which provides a clearer picture by smoothing out fluctuations, decreased by 6,250 to a total of 221,000 claims.
These weekly applications serve as a key measure of the state of layoffs in the labor market.
Additionally, the number of ongoing claims, which reflects the total population of individuals receiving unemployment benefits, dropped to 1.87 million for the week of November 2, matching the expectations stated by analysts.