We follow high standards of editorial integrity on this website to help you make informed decisions. This article may include links to services and products from our partners. We may receive compensation when you sign up, at no cost to you. It does not change our unbiased reviews, evaluations or advice. Please take a look at our disclosure.

Filings for jobless claims tick up modestly, continuing claims fall


Daily news image from my rate compass
Reading Time: 2 Min

U.S. applications for jobless benefits ticked up last week, but the overall number of people in the U.S. collecting unemployment benefits fell after hitting its highest level in two years last week.

Unemployment benefits claims rose by 1,000 to 220,000 for the week ending Dec. 2, the Labor Department reported Thursday. That was in line with analyst expectations.

About 1.86 million were collecting unemployment benefits the week that ended Nov. 25, 64,000 fewer than the previous week. It’s just the second time in 11 weeks that continuing claims have fallen.

Analysts say the continuing claims have been rising because many of those who are already unemployed may now be having a harder time finding new work. That comports with a government report earlier this week showing that U.S. employers posted 8.7 million job openings in October, the fewest since March of 2021.

Jobless claim applications are seen as representative of the number of layoffs in a given week.

Hiring has slowed from the breakneck pace of 2021 and 2022 when the economy rebounded from the COVID-19 recession. Employers added a record 606,000 jobs a month in 2021 and nearly 400,000 per month last year. The past five months, job gains have slipped to an average of 190,000 per month, down from an average of 287,000 in the first five months of the year.

Analysts forecast that U.S. private non-farm job gains will come in around 173,000 when the government issues its November jobs report on Friday.

The Federal Reserve has raised its benchmark interest rate 11 times since March 2022 to slow the economy and rein in inflation that hit a four-decade high last year. The job market and economic growth remained surprisingly resilient, defying predictions that the economy would slip into a recession this year.

Labor’s layoffs data Thursday also showed that the four-week moving average of jobless claim applications — which flattens out some of weekly volatility — ticked up by 500 to 220,750.

Author Bio

The Canadian Press

The Canadian Press is Canada’s independent national news agency that informs Canadians, providing depth, breadth and perspective with regional, national and international news 24/7/365.


Credit Card Deals

Tangerine World Mastercard® Review
Apply for a Tangerine World Mastercard® by April 30, 2024 and earn an extra 10% back* (up to $100)
Ends Apr 30, 2024
Tangerine Money-Back Credit Card Review
Apply for a Tangerine Money-Back Credit Card by April 30, 2024 and earn an extra 10% back (up to $100)
Ends Apr 30, 2024
Simplii Financial™ Cash Back Visa* Card Review
For your first 4 months, enjoy 10% bonus cash back‡ at restaurants and bars up to $500 spend. Get 4% cash back after that.
Ends Feb 29, 2024
Neo Card Review
Get $25 cash back when you sign up for the Neo Credit Mastercard.
Neo CardTM (Secured) Review
$25 welcome bonus for new cardholders