Applications for unemployment benefits in the United States increased last week, though levels remain historically low, signalling a resilient job market.
The Labour Department reported on Thursday that 224,000 Americans filed for jobless benefits during the week ending 30 November. This marked an increase of 9,000 from the previous week, exceeding analysts’ forecast of 214,000.
Despite this rise, the total number of continuing claims, which refers to individuals collecting unemployment benefits, declined by 25,000 to 1.87 million for the week ending 23 November. This figure reflects a significant drop from the three-year high levels recorded in recent weeks.
According to Finance Yahoo News, chief U.S. economist at Santander US Capital Markets, Stephen Stanley attributed the rise to seasonal changes.
The analyst suggested that the increase may be attributed more to seasonal adjustments rather than a fundamental weakness in the labor market.
The rise in applications coincided with the Thanksgiving holiday, a period typically marked by fluctuations in employment data.
He said, “I would attribute the seasonally adjusted increase in the number of new filers to statistical noise rather than fundamental labor market weakness.”
