Unemployment Claims Surge by 17,000 as Labor Market Weakens

U.S. jobless claims surged to 242,000 last week, marking a two-month high and exceeding economists' forecast of 220,000. The rise, which coincided with the Thanksgiving holiday, reflects a broader trend of elevated unemployment claims near three-year highs. Continuing claims also increased to 1.89 million, suggesting prolonged job searches for many Americans. California, Texas, and New York led the spike in claims, while only four states reported declines.