It;s Thursday ¯\_(ツ)_/¯

Mixed numbers with initial claims falling but continuing claims rising.

I'm inclined to take the pessimistic evaluation of this, but I'm always bearish.

The number of Americans filing new applications for unemployment benefits fell to a seven-month low last week, suggesting that job growth likely rebounded in November after abruptly slowing last month amid hurricanes and strikes.

It is, however, taking longer for laid-off workers to find new jobs, posing an upside risk to the unemployment rate. The report from the Labor Department on Thursday also showed unemployment rolls swelling to levels last seen in late 2021.

Labor market slack keeps the door open to a third interest rate cut from the Federal Reserve next month, despite a recent lack of progress lowering inflation to its 2% target.

"There is little evidence of large layoffs taking place," said Gisela Hoxha, an economist at Citigroup. "However, in a low hiring environment those individuals that are laid off are finding it harder to get a new job and are remaining on unemployment benefits for longer, which implies upside risk to the unemployment rate."

Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 213,000 for the week ended Nov. 16, the lowest reading since April. Economists polled by Reuters had forecast 220,000 claims for the latest week.

The data included the Veterans Day holiday, which could have injected some volatility.

………

Nonfarm payrolls increased by a scant 12,000 jobs in October, the fewest since December 2020, after rising by 223,000 in September. The Boeing strike ended early this month after workers accepted a new contract, while rebuilding is underway in the areas devastated by the hurricanes, creating a base of at least 100,000 jobs for November's payrolls.

Data next week on unemployment rolls could offer more clarity on the state of the labor market in November.

The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 36,000 to a seasonally adjusted 1.908 million during the week ending Nov. 9, the claims report showed.

I've no clue as to what the f%$# is going on here.