BREAKING NEWS: US Weekly Jobless Claims: 231K

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States reported that 231,000 workers filed for new unemployment benefits during the week ending Nov. 11, signaling that layoffs remain relatively low. Though the labor market is gradually cooling, conditions remain tight, with claims at the low end of their typical range.

About 1.86 million workers continue to claim unemployment benefits, the highest level since November 2021, suggesting unemployed workers are increasingly having a harder time finding new jobs. Demand for workers is falling and the unemployment rate—at 3.9 percent—now stands at the highest level in nearly two years.

From January 2022 to October 2023, unemployment has drifted between 3.4 percent and 3.8 percent, a historically low range, despite high interest rates and inflation.

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