US jobless claims fall to 3-year low

The number of initial jobless claims in the US fell in the week ending Nov. 29, reaching the lowest level since September 2022, signaling momentum in the labor market of the world’s largest economy.

Data released today, Dec. 4, by the US Labor Department showed that initial claims dropped by 27,000 to 191,000.

Economists had expected claims to rise to 220,000, following an upward revision of the previous week’s data by 2,000 to 218,000.

Meanwhile, the four-week moving average of jobless claims, seen as a more accurate gauge of labor market performance, fell by 9,500 to 214,750 compared with the previous week’s average.

The data included the Thanksgiving holiday Thursday, a period when claims tend to fluctuate.

These figures may ease concerns about labor market weakness, especially after yesterday’s ADP report showed a sharp decline in US private-sector jobs over the past month.