The latest data from the Labor Department indicates an increase in the number of Americans filing for unemployment benefits last week, though the overall figures still reflect a robust labor market.
For the week ending November 30, new applications for jobless claims rose by 9,000, bringing the total to 224,000. This figure surpassed analysts’ predictions, who had estimated claims to hit around 214,000.
Meanwhile, the number of individuals receiving ongoing unemployment benefits saw a decline. Continuing claims decreased by 25,000, settling at 1.87 million for the week ending November 23. This drop is a notable shift from the elevated levels observed in recent weeks, which had reached highs not seen in three years.
Additionally, the four-week moving average for unemployment claims, which helps to smooth out weekly fluctuations, experienced a slight increase of 750, bringing the average to 218,250.
These weekly unemployment claims are viewed as a critical indicator of trends in layoffs across the United States.