US Unemployment Claims Drop to 231,000

Initial unemployment claims in the U.S. dropped to 231,000 for the week ending August 24, down 2,000 from the previous week, indicating a still-healthy labor market despite recent high interest rates. North Carolina, Alabama, and Maryland all reported decreases in new jobless claims, with North Dakota experiencing the largest percentage increase and New Hampshire the largest decrease. Vermont saw a slight increase in weekly claims but maintains one of the lowest unemployment rates in the nation at 2.1%. The four-week moving average of claims, which smooths out weekly fluctuations, also fell by 4,750 to 231,500. Overall, while weekly filings remain low by historic standards, they have been gradually increasing since May, reflecting the impact of high interest rates on the job market.