New data from the Labor Department on Thursday revealed that first-time applications for unemployment benefits in the U.S. declined sharply in the week ending November 29, reaching their lowest point in three years.
Initial claims fell to 191,000, down 27,000 from the prior week’s revised total of 218,000. The drop surprised economists, who had been expecting an increase to around 220,000 from the originally reported 216,000 for the previous week.
This unexpected decrease brought jobless claims to their lowest reading since the week of September 24, 2022, when filings reached 189,000.