The number of Americans filing new unemployment claims fell by 27,000 to a seasonally adjusted 191,000 for the week ended November 29, reaching the lowest level since September 2022.

The drop in claims – much lower than the 220,000 expected by economists – reassured some that labor market conditions may not be deteriorating as fast as private surveys had suggested.

The big picture: Some of the decline may be due to seasonal adjustment challenges around the Thanksgiving holiday, which often causes volatility in weekly data. • Unadjusted jobless claims dropped by 49,419 to 197,221 last week, with significant declines in California (down 19,551), Texas (down 8,349), New York, Washington state, and Florida. • Recent private reports showed weaker labor market signs: Revelio Labs estimated

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