Claims remained well below the threshold that economists said would raise red flags about the labor market.
“Layoff announcements have picked up although there is no sign yet of broad-based redundancies,” said Rubeela Farooqi, chief US economist at High Frequency Economics in White Plains, NY.
Initial claims for state unemployment benefits rose 17,000 to a seasonally adjusted 240,000 for the week ended Nov. 19. Data for the prior week was revised to show 1,000 more applications filed than previously reported. Economists say claims would need to break above 270,000 to raise concerns about the labor market.
There has been an increase in layoffs in the technology sector, with Twitter, Amazon and Meta, the parent of Facebook, announcing thousands of job cuts this month.“Any sign of a sustained increase in claims that approaches the break-even level, or that consistent with no monthly job growth, would be cause for concern,” said Dante DeAntonio, an economist at Moody’s Analytics in West Chester, Pennsylvania. “There is still some room for the labor market to soften without raising a red flag.
Economists polled by Reuters had forecast 225,000 claims for the latest week. The claims data was released a day early because of the Thanksgiving Day holiday on Thursday.
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