The number of Americans filing new applications for unemployment benefits fell to a more than three-year low last week, allaying fears of a sharp deterioration in labor market conditions after independent surveys showed job losses in November.

The latest report from the US Labor Department highlighted that initial jobless claims reached 232,000 for the week ending October 18.

US weekly jobless claims fall to their lowest since 2022, signalling easing layoffs even as hiring slows and policymakers debate the path of interest rates.

The number of Americans filing new applications for unemployment benefits fell to a seven-month low last week, suggesting layoffs remained low, though the labor market is struggling to generate enough jobs for those out of work amid economic uncertainty.

Futures for the Dow Jones Industrial Average and other major stock indexes rose modestly in premarket trading Thursday, as Wall Street awaited weekly jobless claims. Among the losers, artificial intelligence stock Snowflake SNOW plunged on the stock market today after the company's earnings results.