US initial jobless claims fell by 24,000 in the week ended Nov. 18 to a total of 209,000, the US Department of Labor reported today. The previous week’s level was revised upward by 2,000.

However, Reuters noted that the drop likely does not change the view that the labor market is gradually slowing as higher interest rates cool demand in the economy. Economists polled by Reuters had forecast 226,000 claims for the latest week.

The claims data was released a day early because of the Thanksgiving holiday on Thursday.

Meanwhile, the four-week moving average of initial claims fell by 750 to a level of 220,000.

The previous week's average was revised upward by 500.