Jobless claims fell last week to their lowest level since April, indicating ongoing resilience in the labor market despite economic headwinds.
- Initial jobless claims dropped to 217,000 for the week ending November 9, a decrease of 4,000 from the previous week and well below economists’ forecast of 222,000.
- The four-week moving average also fell to 221,000, the lowest since May.
Continuing claims, which reflect those still receiving unemployment benefits, declined to 1.873 million for the week ending November 2, though this is still one of the highest levels over the last three years.
North Carolina saw claims stabilize to 3,490 after a sharp spike following Hurricane Helene, signaling a return to typical levels in the state.
The Bottom Line: Despite a slowing economy and high interest rates, jobless claims data continues to show a strong labor market. This resilience provides a buffer as the Federal Reserve assesses its path on interest rates amid mixed economic signals.
