last weekThe number of new U.S. unemployment insurance claims fell by the most since June. This suggests that employers are still trying to retain workers as the labor market gradually cools.
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The number of unemployment insurance claims tends to fluctuate especially around the holiday season towards the end of the year. The less volatile four-week moving average fell to 220,000.
On a seasonally unadjusted basis, the number of applications last week increased to the highest level since July. By state, the most notable increases were in California, Oregon, and Kentucky. The number of continuing recipients has increased significantly for the first time in four months.
“The decline in seasonally adjusted unemployment claims can be explained by the irregular recruitment drive ahead of the Thanksgiving holiday,” said Stuart Paul, an economist at Bloomberg Economics. “Even after week-to-week volatility, the upward trend in the number of continued recipients suggests that it is becoming increasingly difficult for unemployed people to find work again,” he said.
news-rsf-original-reference paywall">Original title:Unemployment Claims in US Decline After Run of Increases(excerpt)
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2023-11-22 14:17:21
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