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Jobless claims inch up to 220,000, layoffs still low

Last Updated: Dec. 7, 2023 at 9:37 a.m. ET
First Published: Dec. 7, 2023 at 8:34 a.m. ET
By Jeffry Bartash

Businesses aren’t hiring as many workers

The numbers: The number of Americans who applied for unemployment benefits last week was barely changed at 220,000, indicating that layoffs remain extremely low even as businesses cut back on hiring.

New jobless claims inched up to 220,000 from a revised 219,000 in the prior week, the government said Thursday. Economists had forecast new claims in the week ending Dec. 2 to total 222,000. ...Layoffs are still historically low, but other reports show that businesses are hiring fewer people.

Key details: New jobless claims rose in 49 states and territories that report these figures to the federal government. They only fell in four states. ... The increase in most states was likely exaggerated by the Thanksgiving holiday. Lots of people who just lost their jobs tend to wait until the following week to apply for benefits.

The effects of Thanksgiving also appeared to be evident in the number of actual claims — that is, before seasonal adjustments. They jumped by almost 94,000 to 293,511 to mark the highest level since January. ... Just a week before, however, actual claims had totaled less than 200,000. ... If the last two weeks are averaged together, actual jobless claims appeared to be in line with the recent trend.

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