WASHINGTON – The number of Americans filing new claims for unemployment benefits fell more than expected last week, but that likely does not change the view that the labor market is slowing amid higher interest rates.
Initial claims for state unemployment benefits dropped 24,000 to a seasonally adjusted 209,000 for the week ended Nov. 18, the Labor Department said on Wednesday. Economists polled by Reuters had forecast 226,000 claims for the latest week.
The data was released a day early because of the Thanksgiving holiday on Thursday. The labor market is gradually cooling as higher borrowing costs dampen demand.
