US Jobless Claims Fall to 7-Month Low as Continuing Claims Hit 3-Year High

New unemployment applications decline to 213,000, but rising continuing claims reflect challenges for long-term job seekers.

The Labor Department reports a drop in initial unemployment claims to 213,000 for the week ending November 23, marking a 7-month low.
Continuing claims, representing those receiving benefits for more than one week, rose by 9,000 to 1.91 million, the highest level since November 2021.
The four-week moving average of continuing claims increased by 13,500, suggesting a potential slowdown in hiring activity.
Despite the robust 2.8% annualized economic growth in the third quarter, some laid-off workers are struggling to find new employment opportunities.
The Federal Reserve, which has already implemented two interest rate cuts this year, remains divided on further reductions, with a December rate cut still uncertain.