Jobless claims tumbled to 3-year low in a no-hire, no-fire U

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Dow Jones NewsDec 4, 1:43 PM UTC
MW Jobless claims tumbled to 3-year low in a no-hire, no-fire U.S. economy

By Jeffry Bartash

 

Drop in unemployment filings likely exaggerated by Thanksgiving holiday

 

Federal employees who were laid off share their disappointment.

 

The number of people who applied for unemployment benefits around the Thanksgiving holiday fell to a more than three-year low, reinforcing the view that businesses are mostly avoiding layoffs even as they freeze hiring.

 

So-called initial jobless claims sank by 27,000 in the seven days ended Nov. 29, from a revised 218,000 in the prior week, the government said Thursday.

 

It's the lowest reading since September 2022.

 

The drop in new claims was likely exaggerated by Thanksgiving. Lots of people who lose jobs around a holiday tend to delay filling out their applications.

 

Key details: The number of people already collecting unemployment benefits - known as continuing claims - fell slightly to 1.94 million.

 

These claims sit near a post-pandemic high, however, in a sign of how much harder it's gotten to find a job.

 

Big picture: The jobs market has turned chilly after several years of rapid hiring and it's unlikely to thaw out anytime soon.

 

Market reaction: The Dow Jones Industrial Average DJIA and S&P 500 SPX were set to open higher in Thursday trades.

 

-Jeffry Bartash

 

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12-04-25 0843ET

 
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