US weekly jobless claims hit seven-month low
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Source: Reuters
The number of Americans filing new applications for unemployment benefits fell to a seven-month low last week, suggesting that job growth likely rebounded in November after abruptly slowing last month amid hurricanes and strikes.
It is, however, taking longer for the unemployed to find new work. The report from the Labor Department on Thursday also showed unemployment rolls swelling to levels last seen in late 2021. Labor market slack keeps the door open for a third interest rate cut from the Federal Reserve next month, despite a recent lack of progress lowering inflation to its 2% target.
"There is no sign of incipient recession in these figures," said Carl Weinberg, chief economist at High Frequency Economics. "The labor market is softening but not imploding."
Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 213,000 for the week ended Nov. 16, the lowest reading since April. Economists polled by Reuters had forecast 220,000 claims for the latest week.
Read more: https://www.reuters.com/markets/us/us-weekly-jobless-claims-unexpectedly-fall-2024-11-21/
Also of note - much of October's slowdown in job growth was the result of Hurricanes Helene and Milton, plus aerospace strikes which have now been resolved.
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