
The number of people filing for unemployment benefits for the first time fell by 16,000 in the latest week, as 225,000 Initial Jobless Claims were reported. Continuing Claims, which measure people who continue to receive benefits after their initial claim is filed, saw a substantial jump of 57,000 to 1.608 million.
What’s the bottom line? The latest Initial Jobless Claims data was for the week of Thanksgiving, so it’s likely the number of claims filed may have been higher if it wasn’t for the holiday. Continuing Claims data measured the week before Thanksgiving, so they were unaffected by the holiday. Continuing Claims have now risen by more than 244,000 since the beginning of October and have reached their highest level since February, suggesting that it’s becoming harder for people to find a job once they’re let go.