US unemployment claims drop

US initial unemployment claims dropped slightly to a seasonally adjusted 217,000 for the week ending November 9, a decrease of 4,000 from the prior week’s unrevised figure of 221,000.

This marks continued stability in the labour market, with the four-week moving average also easing to 221,000—a decline of 6,250 from the previous average of 227,250.

The insured unemployment rate, representing the proportion of covered workers receiving benefits, remained unchanged at 1.2 per cent for the week ending November 2. The total insured unemployed count fell by 11,000 to 1,873,000 from a revised level of 1,884,000 the week before.

This four-week average of insured unemployment is now 1,874,500, the highest since November 2021, showing a slight increase from the prior week.

Unadjusted initial claims under state programmes saw a contrasting rise, reaching 229,478—a 7.9 per cent increase from the previous week, though below the expected 9.8 per cent. Comparatively, initial claims stood at 217,438 during the same week in 2023.

The unadjusted insured unemployment rate held at 1.1 per cent, with the insured unemployment total rising modestly by 0.1 per cent to 1,647,874.

Total claims for continued unemployment benefits across all programs rose to 1,673,176 as of October 26, an increase of over 30,000 from the week prior. The states with the highest insured unemployment rates were New Jersey (2.2 per cent), California (2.0 per cent), and Puerto Rico (1.9 per cent), while the largest rises in initial claims were reported in California, Michigan, and Ohio.

Attribution: US Department of Labour

Subediting: Y.Yasser