The number of Americans filing for first-time unemployment benefits dropped to a seasonally adjusted 213,000 for the week ending November 16, 2024. This marks a decline of 6,000 claims from the previous week’s revised figure of 219,000, signaling a possible stabilization in the labor market after recent fluctuations.
The four-week moving average of unemployment claims—a more stable indicator of labor market trends—also declined by 3,750 to 217,750. This decrease reflects a consistent improvement, offering a broader perspective beyond weekly changes, a report of the U.S. Department of Labor (DoL) said.
Despite the drop in initial claims, the seasonally adjusted insured unemployment rate increased to 1.3%, up by 0.1 percentage point from the prior week. The total number of insured unemployed individuals rose to 1.908 million, a week-over-week increase of 36,000. This is the highest level since November 2021.
States experienced mixed trends in jobless claims:
Increases: California saw the largest rise in claims (+5,906), followed by New Jersey (+2,439) and New York (+2,327), driven by layoffs in industries such as education, construction, and healthcare.
Decreases: Michigan reported the steepest drop in claims (-4,072), largely due to fewer layoffs in the manufacturing sector.
Year-Over-Year Comparison
Unadjusted claims totaled 213,035, reflecting a 7.7% decrease from the previous week. However, when compared to the same period last year, the volume remains elevated, underscoring persistent labor market challenges.
The insured unemployment rate, a key indicator of labor market health, remains uneven across states. New Jersey (2.2%), California (2.0%), and Puerto Rico (1.9%) recorded the highest rates, while other regions experienced relatively stable levels.
The latest data illustrates the complexities of the U.S. labor market, where declines in new claims coexist with increases in ongoing unemployment, emphasizing the importance of both short-term and long-term monitoring.
Article Source: UNEMPLOYMENT INSURANCE WEEKLY CLAIMS NEWS RELEASE