Applications for unemployment benefits in the United States increased last week, though levels remain historically low, signalling a resilient job market.
The Labour Department reported on Thursday that 224,000 Americans filed for jobless benefits during the week ending 30 November. This marked an increase of 9,000 from the previous week, exceeding analysts’ forecast of 214,000.
Despite this rise, the total number of continuing claims, which refers to individuals collecting unemployment benefits, declined by 25,000 to 1.87 million for the week ending 23 November. This figure reflects a significant drop from the three-year high levels recorded in recent weeks.
According to ABC News, the four-week moving average of weekly claims, a measure that smooths out fluctuations, rose slightly by 750 to 218,250. Weekly unemployment applications are widely regarded as an indicator of layoffs across the economy.
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While some signs of softening have emerged in the labour market, it continues to outperform expectations despite elevated interest rates in recent years. The Federal Reserve increased rates significantly throughout 2022 and early 2023 to combat inflation, which had surged as the U.S. economy recovered from the COVID-19 pandemic recession.
With inflation easing near the central bank’s 2% target, the Federal Reserve has reduced its benchmark interest rate in its last two meetings.
Earlier this week, government data showed that job openings rose to 7.7 million in October, recovering from a three-and-a-half-year low of 7.4 million in September. Businesses continue to seek workers even as hiring has slowed.
In October, the U.S. economy added just 12,000 jobs, a figure impacted by temporary disruptions from strikes and hurricanes. Analysts expect a stronger performance in November, forecasting that Friday’s report will show an addition of 215,000 jobs, reflecting the broader health of the labour market.
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