TechFlow news, December 4 — According to Jinshi Data, initial jobless claims in the United States fell last week to their lowest level in over three years, showing no signs of deterioration in labor market conditions. The U.S. Department of Labor said on Thursday that seasonally adjusted initial claims for state unemployment benefits dropped by 27,000 to 191,000 for the week ending November 29, the lowest since September 2022 and below the market expectation of 220,000. The data includes the Thanksgiving holiday on the previous Thursday, during which claim figures typically experience higher volatility. Current claim levels align with historically low layoff rates, potentially easing market concerns about a sharp downturn in the labor market—after Wednesday's ADP employment report showed the largest drop in private-sector employment in over two and a half years. The Bureau of Labor Statistics' closely watched November nonfarm payrolls report was originally scheduled for Friday but was delayed due to a record 43-day government shutdown and is now set for release on December 16. Economists believe the labor market remains in a "no-layoffs, no-hiring" state.
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