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In the week ending November 16, 2024, the seasonally adjusted initial claims for unemployment insurance decreased by 6,000 to 213,000, signaling a potential improvement in the labor market. This figure is a reflection of the latest trends as reported by the Bureau of Labor Statistics, marking a shift from the previous week's revised level of 219,000.
Seasonally Adjusted Insured Unemployment Rate on the Rise
While initial claims have decreased, the advance seasonally adjusted insured unemployment rate rose to 1.3 percent for the week ending November 9. This increase of 0.1 percentage point signifies the highest level since November 2021, highlighting the mixed signals in the labor market's overall health.
Unadjusted Claims and Insured Unemployment Levels
The unadjusted number of actual initial claims totaled 213,035, a decrease of 17,750 from the previous week. The unadjusted insured unemployment rate remained stable at 1.1 percent, with the total advancing slightly to 1,669,085, up by 21,782 from the preceding week.
Industry and State-Specific Trends
California, New Jersey, and New York saw significant increases in unemployment claims, with layoffs in sectors such as educational services and construction cited as primary causes. Meanwhile, Michigan experienced the largest decrease, attributed to fewer layoffs in the manufacturing sector.