02:31 PM EST, 11/27/2024 (MT Newswires) -- Weekly application volume for unemployment insurance in the US declined last week, while the level of continuing claims remained at a three-year high, the Department of Labor reported Wednesday.

For the week ended Nov. 23, the seasonally adjusted number of initial claims decreased by 2,000 to 213,000, the lowest level since late April, government data showed. The consensus was for a 215,000 level in a survey of analysts compiled by Bloomberg. The previous week's reading was revised up by 2,000 to 215,000.

The four-week moving average came in at 217,000, down by 1,250 from the prior average that was revised up by 500. Weekly unadjusted claims soared by 29,101 to 243,389.

With initial claims subdued, Jefferies US Economist Thomas Simons said he doesn't see "strong evidence" that layoffs have picked back up. Rather, elevated continuing claims suggest that hiring has slowed further, he said.

Seasonally adjusted continuing claims totaled 1.91 million for the week ended Nov. 16, remaining at its highest level since Nov. 13, 2021 and exceeding the Bloomberg consensus of 1.89 million.

"Continuing claims have been choppy recently due to the distortions from major hurricanes in the South during the month of September," Simons said in a note. "However, as we get further away from those storms, it is increasingly difficult to ignore the build-up of continuing claims."

Continuing claims increased by 9,000 from the previous week's level, which was revised down by 10,000. The four-week moving average came in at 1.89 million, its highest point since Nov. 27, 2021, advancing by 13,500 from the prior week's downwardly revised average, according to the DOL.

The largest decreases in initial claims for the week ended Nov. 16 were in California, at 5,088, followed by Georgia and New Jersey. Utah, Minnesota and Missouri led the increases.