Low initial unemployment claims reflect a tight labor market

The number of people filing new claims for unemployment benefits is expected to remain near pandemic lows last week as employers continued to hold onto their workers in a tight labor market.

Initial jobless claims, a proxy for layoffs, are expected to total 240,000 at a seasonally adjusted rate for the week ending November 26, according to economists polled by the Wall Street Journal, following the previous week’s report that showed Lowest number of new claims in 52 years.