More Americans apply for unemployment benefits
The number of Americans applying for jobless aid ticked up last week but layoffs remain at historically low levels.
The Labor Department reported Thursday that jobless claim applications rose by 3,000 to 221,000 for the week of Nov. 2. That’s fewer than the 227,000 analysts forecast.
The four-week average of weekly claims, which softens some of the week-to-week fluctuations, fell by 9,750 to 227,250.
Weekly applications for jobless benefits are considered representative of U.S. layoffs in a given week.
Continuing claims, the total number of Americans collecting jobless benefits, rose by 39,000 to 1.89 million for the week of Oct. 26. That’s the most since late 2021.
During the first four months of 2024, applications for jobless benefits averaged just 213,000 a week before rising in May. They hit 250,000 in late July, supporting the notion that high interest rates were finally cooling a red-hot U.S. job market.
In October, the U.S. economy produced a meager 12,000 jobs, though economists pointed to recent strikes and hurricanes that left many workers temporarily off payrolls.
In August, the Labor Department reported that the U.S. economy added 818,000 fewer jobs from April 2023 through March this year than were originally reported. The revised total was also considered evidence that the job market has been slowing steadily, compelling the Fed to start cutting interest rates.




