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A single-week rise in unemployment filings can easily read as a warning. This week's numbers aren't. The U.S. Department of Labor reported Thursday that initial claims for state unemployment benefits climbed 9,000 to a seasonally adjusted 200,000 for the week ending November 7 — above the Reuters consensus estimate of 195,000, but squarely within the range of what analysts describe as a structurally tight labor market. The bigger story is what surrounds that number: a confluence of data suggesting that the American labor market is not just stable, but operating near its lowest-stress point in generations.
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