The US labor market saw a modest decline in unemployment claims signaling ongoing economic stability.
For the week ending November 23, 2024, initial claims for unemployment insurance (UI) stood at 213,000, a decrease of 2,000 from the previous week’s revised figure of 215,000.
The four-week moving average fell to 217,000, down by 1,250 from the prior week’s revised average of 218,250.
These figures suggest a steady labor market, with initial claims remaining relatively low.
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Insured Unemployment Rate Holds Steady
In the week ending November 16, 2024:
- The seasonally adjusted insured unemployment rate remained at 1.3%, unchanged from the previous week.
- The number of individuals receiving UI benefits, known as insured unemployment, rose slightly to 1,907,000, an increase of 9,000 from the prior week’s revised level.
This marks the highest level of insured unemployment since November 2021, indicating a slight uptick in continued claims.
Unadjusted Data Reflects Seasonal Trends
Unadjusted figures for the week ending November 23, 2024, show:
- Actual initial claims totaled 243,389, up by 29,101 (13.6%) from the previous week.
- Seasonal factors had anticipated an increase of 30,245 (14.1%) for this period.
Comparatively, there were 199,750 initial claims in the same week of 2023, highlighting a year-over-year rise.
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State-by-State Variations
For the week ending November 16, 2024:
- Increases in initial claims were notable in:
- Utah (+538)
- Minnesota (+381)
- Missouri (+252)
- Idaho (+200)
- Louisiana (+199)
- Decreases in initial claims occurred in:
- California (-5,088)
- Georgia (-1,952)
- New Jersey (-1,423)
- Texas (-1,160)
- Ohio (-1,125)
These fluctuations reflect regional economic conditions and labor market dynamics.
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Extended Benefits Program Status
As of November 9, 2024, no state was triggered “on” the Extended Benefits program, indicating that additional unemployment benefits were not activated in any state during this period.
Federal Programs: Claims by Former Federal Employees and Veterans
For the week ending November 16, 2024:
- Former Federal civilian employees filed 523 initial claims, a decrease of 92 from the prior week.
- Newly discharged veterans filed 330 initial claims, down by 78 from the preceding week.
Continued weeks claimed for UI benefits in all programs for the week ending November 9, 2024, totaled 1,687,984, an increase of 12,876 from the previous week.
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Expert Comment
WhatJobs CEO Alex Paterson:
“The recent decline in initial unemployment claims to 213,000 underscores the resilience of the US labor market.
“However, the rise in continuing claims to 1.91 million indicates that many workers face prolonged job searches. At WhatJobs, we are dedicated to bridging this gap by connecting job seekers with opportunities that align with their skills, facilitating a more efficient return to employment.”
Key Takeaways: Labor Market Stability Amid Fluctuations
The slight decrease in initial unemployment claims, coupled with a steady insured unemployment rate, suggests that the US. labor market remains stable. However, regional variations and year-over-year increases in unadjusted claims indicate areas that may require closer monitoring.
Overall, the data reflects a resilient economy with a labor market that continues to adapt to evolving conditions.
