States reported that 209,000 workers filed for
new unemployment benefits during the week ending Nov. 18, a decrease of 24,000 from the previous week's revised level.
About 1.84 million workers continue to claim unemployment benefits. That number had been on the rise for eight straight weeks, 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, the unemployment rate has drifted between 3.4 percent and 3.8 percent, a historically low range, despite high interest rates and inflation. Labor market conditions remain tight, with 1.5 job openings per every unemployed person. Economists note that the rise in the unemployment rate since April has come mainly from an expansion in the size of the labor force rather than a decline in employment.
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