In the week ending on November 23, less people in the US filled for unemployment. The unemployment claims printed a figure of 316K fillies, dropping by 10K, according to the Labor Department.
Companies have been adapting to a leaner workforce, but the holiday season tends to bring on more part-time seasonal work. This will help keep unemployment under the average through to February or March.
Continuing unemployment claims increased 3,400 to 1.31 million in the week ending on November 9, while the unemployment rate among those eligible for benefits decreased a tenth percent to 2.1 percent.
The four-week unemployment moving average decreased to 331,750 from 339,250.
In 48 of 53 US states and territories reported an increase in claims. Some companies are increasing layoffs in order to save costs during the continuing lack of demand. Coldwater Creek and Kellogg Co. are trimming their workforce to save capital. Kellogg is looking to cut 2,000 jobs. Government contractor Lockheed Martin is looking to cut 4,000 jobs due to the deep cuts in federal spending due to the sequester.
Retailers are feeling the pressure as many outlets, such as Macy’s, JC Penny and others are opening their doors on Thanksgiving day and foregone the traditional Black Friday opening.