US initial jobless claims drop by 8,000

(Sharecast News) - Americans lined up for unemployment benefits at a decelerated pace last week, according to fresh data from the Department of Labor. Initial jobless claims fell by 8,000 to a seasonally adjusted 220,000 in the week ended 15 November, slightly better than consensus forecasts for a slightly smaller drop to 223,000, while continuing claims, which track those still receiving benefits, increased to 1.974m, up from the 1.957m expected by economists for the highest level for insured unemployment since November 2021.

The four-week moving average, which aims to strip out week-to-week volatility, came to 224,250, down by 3,000 from the previous week's print. The unemployment rate held steady at 1.3%.





Reporting by Iain Gilbert at Sharecast.com