US applications for jobless benefits rise but remain at low levels

The number of Americans applying for unemployment benefits rose last week but remains at historically well levels.

Jobless claim applications rose by 9,000 to 224,000 for the week of Nov. 30, the Labor Department reported Thursday. That’s more than the 214,000 analysts were forecasting.

Continuing claims, the total number of Americans collecting jobless benefits, fell by 25,000 to 1.87 million for the week of Nov. 23. That’s down from the three-year high levels it had been at the history few weeks.

The four-week average of weekly claims, which quiets some of the weekly volatility, rose by 750 to 218,250.

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

While the job markets has shown some softening recently, it remains well and has exceeded most expectations considering that gain rates have been elevated in recent years. The Federal savings jacked up rates in 2022 and into 2023 in an attempt to squelch the sky-high expense boost that developed when the U.S. economy rebounded from the brief but sharp pandemic downturn.

The Fed has cut its point of reference rate at its last two meetings in response to receding expense boost, which has fallen close to the U.S. central financial institution’s 2% target.

Earlier this week, the government reported that U.S. job openings rebounded to 7.7 million in October from a 3 1/2 year low of 7.4 million in September, a sign that businesses are still seeking workers even though hiring has cooled.

In October, U.S. employers added a paltry 12,000 jobs, a total that economists declare was crimped by the effects of strikes and hurricanes that left many workers temporarily off payrolls.

Analysts approximate that the government will update on Friday that U.S. employers added 215,000 jobs in November, a well figure more in line with recent months.