"U.S. applications for unemployment benefits in the week ending Nov. 22 dropped 6,000 from the previous week to 216,000, the Labor Department reported Wednesday. The figure is below the 230,000 forecast by economists, according to a survey by data provider FactSet. Applications for unemployment aid are seen as a proxy for layoffs and are close to a real-time indicator of the health of the job market."
"The four-week average of claims, which softens some of the week-to-week volatility, dropped 1,000 to 223,750. For now, the U.S. job market appears stuck in a "low-hire, low-fire" state that has kept the unemployment rate historically low, but has left those out of work struggling to find a new job. The total number of Americans filing for jobless benefits for the week ending Nov. 15 rose 7,000 to 1.96 million, the government said."
Initial claims for unemployment benefits in the week ending Nov. 22 fell 6,000 to 216,000, below the 230,000 forecast. The four-week average of claims declined 1,000 to 223,750. Claims serve as a proxy for layoffs and may lag announced reductions by large firms such as UPS and Amazon because those cuts can take weeks or months to implement. The U.S. job market remains in a low-hire, low-fire state that keeps unemployment historically low while making it harder for people out of work to find new jobs. Separate data showed filings for the week ending Nov. 15 rose to 1.96 million.
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