Continuing Jobless Claims Continue to Creep Higher

Initial Jobless Claims fell by 4,000 in the latest week, as 222,000 people filed for unemployment for the first time. Continuing Claims, which measure people who continue to receive benefits after their initial claim is filed, rose 13,000 to 1.507 million.

What’s the bottom line? Initial Jobless Claims are still relatively low, as employers continue to hold on to workers. However, Continuing Claims remain the real story as they have risen by 143,000 since the beginning of October. This reflects a slower pace of hiring and could suggest that it’s becoming harder for people to find a job once they’re let goGiven the headlines of large companies issuing layoffs, it’s possible Continuing Claims could continue to increase, and the labor market may not be as strong as reports have indicated.