Jobless claims drop to seven-month low as the U.S. economy plows ahead

Dow Jones11-21

MW Jobless claims drop to seven-month low as the U.S. economy plows ahead

By Jeffry Bartash

New unemployment filings the lowest since April

Story developing. Stay tuned for updates here.

The numbers: The number of Americans who applied for unemployment benefits last week fell to the lowest level in seven months, reflecting steady growth in the economy and the need for most businesses to remain fully staffed.

New claims dropped by 6,000 in the seven days ended Nov. 16 from 219,000 in the prior week, the government said Thursday.

Big picture: The jobs market is not as hot as it was a few years ago. Businesses are more selective and they are hiring fewer people.

Yet the economy has grown fast enough to encourage firms to hold onto current employees and avoid layoffs, keeping the unemployment rate low and the U.S. out of recession.

-Jeffry Bartash

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 21, 2024 08:35 ET (13:35 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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