Jobless Claims Drop During Thanksgiving Week

First-time unemployment claims fell to 191,000 during the week ending November 29, according to new Labor Department data released Thursday. The figure represents a decline of 27,000 from the prior week's revised count.

However, economists note that claims typically decrease during holiday weeks when fewer businesses process layoffs and unemployment offices operate on reduced schedules.

Continuing unemployment claims—which track people receiving benefits after their initial application—fell by 4,000 to 1.93 million for the week ending November 22. Despite the modest decline, continuing claims remain near a four-year high, suggesting laid-off workers are taking longer to find new employment.

The elevated level of continuing claims points to a cooling labor market where job opportunities have become harder to secure. Hiring activity has slowed throughout the year as employers navigate heightened economic uncertainty, weakening consumer confidence, and concerns about household affordability.

The data reflects a labor market that remains stable but has lost momentum compared to the robust hiring seen in previous years.