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The initial unemployment insurance claims slightly declined to 213,000 for the week ended November 23, the latest Department of Labor data show.
The seasonally adjusted initial claims dropped by 2,000 from the prior week’s revised level of 215,000. This declining trend indicates an improving labor market environment, despite some fluctuations in specific sectors.
The four-week moving average, which helps to smooth out week-to-week volatility, also decreased, dropping by 1,250 to reach 217,000. This compares to the previous week’s revised average of 218,250. The reduction in the moving average further confirms a trend of relative stability in the labor market.
In terms of non-seasonally adjusted data, the total number of actual initial claims under state programs saw a significant increase to 243,389, up by 29,101 (or 13.6 percent) from the previous week. This was slightly less than the expected increase based on seasonal factors, indicating an unpredicted rise in claims.
The report also highlighted a rise in the seasonally adjusted insured unemployment rate, which remained at 1.3 percent, unchanged from the previous week. The number of people receiving unemployment benefits also increased slightly to 1,907,000, up by 9,000 from the week prior. This is the highest level for insured unemployment since November 2021, signaling that more individuals are remaining on unemployment benefits for longer durations.
The four-week moving average for insured unemployment also increased to 1,890,250, up by 13,500 from the previous week, marking another high since November 2021. This indicates a gradual increase in the number of people claiming unemployment benefits over a month.
Significant fluctuations were also noted at the state level. For example, states like California and Georgia reported considerable decreases in initial claims due to fewer layoffs in sectors such as manufacturing and health care. Conversely, other states like Utah and Minnesota saw large increases in claims.
Overall, the slight decrease in weekly unemployment claims aligns with ongoing labor market resilience, but the increases in continuing claims warrant close monitoring to understand the broader economic implications.
Source: U.S. Department of Labor Press Release