States reported that 217,000 workers filed for new unemployment benefits during the week ending Nov. 4, an decrease of 3,000 from last week’s revised level. Unemployment claims remain at the low end of their typical range.
About 1.8 million workers continue to claim unemployment benefits, down from 1.86 million in mid-April. The unemployment rate was reported at 3.9 percent in October, the highest rate since January 2022. For much of the past two years, unemployment has drifted between 3.4 percent and 3.8 percent, a historically low range, despite high interest rates and inflation.