Jobless claims climbed to a seasonally adjusted 224,000 for the week ending Dec. 2, up 9,000 from the prior week and reaching their highest level in six weeks.
- The 4-week moving average rose slightly to 218,250, marking its first increase since mid-October.
Continuing Claims: At the same time, the number of people continuing to claim unemployment benefits fell by 25,000 to 1.87 million during the week ending Nov. 23, its second consecutive decline.
Why It Matters: The modest uptick in claims reflects a gradual cooling of the labor market, aligning with other recent data showing slower job growth and moderating wages. Despite this, unemployment claims remain low by historical standards.
Bottom Line: As we have seen with the other reports this week, the labor market is showing signs of cooling but nothing that should alarm the Fed. The Fed’s policy moves are more than likely to stay on track.
