Workers filling for unemployment insurance claims dropped last week, continuing their long-term downward trend towards pre-pandemic levels as the labor market rebounds.
- Initial claims for jobless benefits decreased to 267,000 last week from the revised figure of 271,000 the previous week.
- The U.S. economy had nearly four million fewer jobs than it had in February 2020 after employers reported an increase of 531,000 jobs in October.
- Job vacancies continue to increase. Retailers and hospitality, leisure and logistics companies were struggling to find adequate workers.
- These employers were sweetening their offers to current and potential employees to avoid staff shortages over the critical holiday shopping and travel season.
The four-week moving average of weekly claims was 278,000 for the week ending November 6. Claims have dropped since the average soar to a peak of 424,000 in mid-July.
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Source: U.S. Department of Labor.