Holiday Week Sees Unexpected Surge in Unemployment Applications

US unemployment benefit applications rose to a one-month high of 224,000 in the week ending November 30, surpassing economists’ expectations of 215,000. This increase of 9,000 claims coincided with the Thanksgiving holiday, a period known for data volatility. Despite this uptick, the labor market remains relatively stable, with continuing claims dropping to 1.87 million. The rise in initial claims, coupled with recent job cut announcements from major companies, may indicate subtle changes in the job market, though overall layoffs remain low.