A hiring representative speaks with a job seeker at a job-and-resource fair hosted by the Mountain Area Workforce Development Board, in partnership with NCWorks, in Hendersonville, North Carolina, on November 19, 2024. Photographer: Allison Joyce/Bloomberg.
Applications for unemployment benefits in the United States unexpectedly fell last week to the lowest level since April, illustrating that the job market remains solid. Initial claims decreased by 6,000, to 213,000, in the week ended November 16. The median forecast in a Bloomberg survey of economists called for 220,000 applications.
However, continuing claims, a proxy for the number of people currently receiving benefits, climbed to 1.91 million in the previous week, a three-year high, according to Labor Department data released Thursday. The increase reflected a jump in Washington, tied to secondary effects from a strike at Boeing Co. that has since been settled.
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Economists see jobless claims stabilizing near current levels, at least in the near term, after a period of volatility tied to the weeks-long strike by Boeing workers and business disruptions in Southeastern states due to recent hurricanes. While there have been a few high-profile announcements of job cuts recently, there are few signs of a broad pickup in layoffs. Among the recent job cut announcements, General Motors Co. said it plans to cut about 1,000 salaried workers globally, with most of the layoffs taking place in North America.
The four-week moving average of new applications for unemployment insurance, a metric that helps smooth out volatility, fell to 217,750. That’s the lowest since May. Before adjusting for seasonal factors, initial claims declined by 17,750 to 213,035 last week. California, Georgia, Texas, and New Jersey registered the steepest drops.
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