US weekly jobless claims unexpectedly fall

Source: msn/Reuters

1h


WASHINGTON (Reuters) - The number of Americans filing new applications for unemployment benefits unexpectedly fell last week, suggesting that job growth likely rebounded in November after abruptly slowing last month amid hurricanes and strikes.

Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 213,000 for the week ended Nov. 16, the Labor Department said on Thursday. Economists polled by Reuters had forecast 220,000 claims for the latest week.

The data included the Veterans Day holiday, which could have injected some volatility. Though claims surged in early October amid disruptions caused by Hurricanes Helene and Milton as well as strikes by factory workers at Boeing and another aerospace company, layoffs have remained low. That is softening the hit on the labor market from sluggish hiring.

The claims data covered the period during which the government surveyed businesses for the nonfarm payrolls component of November's employment report. Government data on Tuesday confirmed that Helene, Milton and the aerospace strikes had accounted for much of the sharp slowdown in job growth in October. The state employment and unemployment report also showed the labor market steadily slowing.

Read more: https://www.msn.com/en-ca/money/topstories/us-weekly-jobless-claims-unexpectedly-fall/ar-AA1uv76x

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