After reaching a three-month high for new unemployment claims earlier this month, initial filings decreased by 24,000 to 209,000 for the week ended Nov. 18, according to data from the Department of Labor. There were 219,000 initial claims filed at the same point in Nov. 2022.
“The applications are viewed as a proxy for layoffs. They remain extraordinarily low by historical standards, signaling that most Americans enjoy unusual job security,” ABC News reported.
According to economists, the decrease in unemployment claims signals a “resilient” job market.
“We expect some softening in labor demand going forward as the effects of restrictive monetary policy spread more broadly through the economy,” said Rubeela Farooqi, chief US economist at High Frequency Economics, as reported by ABC and other media outlets.
The Labor Department reported that the four-week moving average of state program claims fell from the previous week’s revised average by 750 to 220,000. The previous week’s average was revised up by 500, from 220,250 to 220,750.
Kentucky saw the largest percentage increase in weekly claims, with claims jumping by 108.1%. Utah, meanwhile, saw the largest percentage drop in new claims, with claims decreasing by 27.9%.
The states with an increase in initial claims of more than 1,000 were Maryland (up 3,019), Minnesota (1,014), New Jersey (1,058), New York (2,574) and Texas (1,347).
The states with a decrease in initial claims of more than 1,000 were Georgia (down 1,018) and Oregon (1,363).
