Fewer Americans File for Unemployment, but More Remain Unemployed

Fewer Americans are filing for unemployment benefits, but more are remaining unemployed after filing, the Department of Labor (DOL) said Thursday (Nov. 21).

The number of initial claims for unemployment insurance declined by 6,000 during the week ended Saturday (Nov. 16), the DOL said in a Thursday press release.

The total of 213,000 initial claims filed during the week was down from the previous week’s revised figure of 219,000, according to the release. The previous week’s figure was revised up by 2,000.

The four-week moving average of 217,750 was 3,750 lower than the previous week’s revised figure of 221,500, per the release. The previous week’s number was revised up by 500.

Bloomberg reported Thursday that the decline in initial claims for unemployment benefits was unexpected; the economists it surveyed had expected the number to be 220,000.

The DOL also reported Thursday that the insured unemployment rate was 1.3% for the week ended Nov. 9, an increase of 0.1 percentage point from the previous week.

The insured unemployment number for that week was 1,908,000, which was 36,000 higher than the previous week’s revised level of 1,872,000, per the release. The figure for the previous week was revised down by 1,000.

“This is the highest level for insured unemployment since November 13, 2021, when it was 1,974,000,” the DOL said in its press release.

Reuters reported Thursday that data released by the DOL showed suggested that job growth rebounded but that it is taking longer for the unemployed to find work.

While the number of people who are unemployed reach the highest level since late 2021, the number of initial claims fell to a seven-month low, according to the report.

In comments supplied to the DOL, the state with the greatest decrease in the number of initial claims filed during the week ended Nov. 9, Michigan, attributed the change to fewer layoffs in the manufacturing industry.

A week earlier, Michigan had the second greatest increase in initial claims and said that increase was due to the manufacturing sector.

The state with the greatest increase in initial claims during the week ended Nov. 9, California, did not submit comments to the DOL. The state with the second greatest increase, New Jersey, pointed to layoffs in the educational services industry.