Number of Americans filing for unemployment falls again, hovers near 7-month lows

The number of Americans applying for unemployment benefits fell last week, remaining near seven-month lows.

Jobless claim applications fell by 2,000 to 213,000 for the week of Nov. 23, the Labor Department reported Wednesday. The previous week’s level was revised up by 2,000 from 213,000, to 215,000.

However, continuing claims, the total number of Americans collecting jobless benefits, rose by 9,000 to 1.91 million for the week of Nov. 16. That’s the highest number since Nov. 13, 2021.

While the number of recent people applying for jobless aid each week remains at historically well levels, some who are receiving benefits are finding it harder to land recent jobs. That suggests that demand for workers is waning, even as the economy remains powerful.

The four-week average of weekly claims, which quiets some of the weekly volatility, was 1.9 million, an boost of 13,500 from the previous week’s revised average.

Weekly applications for jobless benefits are considered a proxy for U.S. layoffs.

Also on Wednesday, The Commerce Department reported the American economy expanded at a well 2.8% annual pace from July through September on powerful buyer spending and a surge in exports, leaving unchanged its initial approximate of third-quarter growth.

In response to some weakening employment data and receding buyer prices, the Federal savings slashed its point of reference yield rate in September by a half a percentage point and by another quarter-point earlier this month.

With expense boost still elevated, Federal savings officials expressed caution at their last conference about cutting yield rates too quickly, adding to uncertainty about their next moves.

Most economists ponder officials will probably cut rates next month for the third period this year, but could then skip cutting at following meetings. Wall Street investors view the odds of another quarter-point reduction in the Fed’s key rate at their December conference as nearly even, according to CME Fedwatch.