Jobless claims almost didn’t get their set of steak knives as they just barely dropped for the seventh week in a row, according to the weekly data from the Department of Labor…(DOL)
- Initial claims were 268,000, a decrease of 1,000 from the previous week’s revised level. This is the lowest level for initial claims since March 14, 2020.
- Economists had projected a bigger drop down to 260k claims for the week ending November 13th.
Continuing claims also saw a decline and beat expectations for the week…
- Continuing claims were 2,080,000, a decrease of 129,000 from the previous week’s revised level. This is the lowest level for insured unemployment since March 14, 2020.
- Economists had projected a smaller drop to 2.12M for the week ending November 6th.
Looking at the state-level initial claims data, Kentucky saw the biggest drop with 8,728 fewer initial claims followed by Tennessee (-4,148) and Ohio (-3,535).
- This was almost completely offset by increases in California (+6,431), Massachusetts (+2,146), and Pennsylvania (+1,906).