US jobless claims fall to lowest level in over three years
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The news: The number of Americans submitting new applications for unemployment benefits fell to the lowest level since September 2022 over the Thanksgiving holiday last week, potentially easing fears that the labour market is weakening.
The numbers: Initial claims fell 27,000 to a seasonally adjusted 191,000 for the week ending 29 November, according to data released by the US Labor Department on Thursday. Economists polled by Reuters forecast 220,000 claims for the week.
The four-week moving average of new applications fell to 214,750 during the period, the lowest reading since January.
Continued claims, a proxy gauge for the number of Americans receiving benefits declined to 1.94 million in the week ending 22 November, near the peak for the measure's 2021 high.
The context: Separate data released by Challenger, Gray & Christmas on Thursday shows that US companies slowed layoffs in November despite a surge in October, but remained at a three month high.
The Bureau of Labor Statistics' employment report for November, originally due for release on Friday, has been delayed because of the 43-day US government shutdown and will now be published on 16 December, after the Federal Reserve meets to make their final rate decision for the year next week.
The sources: Department of Labor, Challenger, Gray & Christmas
