The report said initial jobless claims dipped to 220,000, a decrease of 8,000 from the previous week's level of 228,000. Economists had expected jobless claims to edge down to 223,000.

The Labor Department said the less volatile four-week moving average also slipped to 224,250, a decrease of 3,000 from the previous week's average of 227,250.

Meanwhile, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance climbed by 28,000 to 1.974 million in the week ended November 8th.

With the increase, continuing claims reached their highest level since hitting 2.041 million in the week ended November 6, 2021.

The four-week moving average of continuing claims also reached a nearly four-year high, rising by 6,750 to 1,960,250.

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