Initial Jobless Claims rose by 7,000 in the latest week, with 218,000 people filing for unemployment benefits for the first time. The real story is Continuing Claims, which increased 86,000, showing that 1.927 million people are still receiving benefits after filing their initial claim. This is the first time Continuing Claims have topped 1.9 million in two years.

What’s the bottom line? Initial Jobless Claims remain relatively low on a historical basis, suggesting that employers are trying to hold on to workers. Yet, Continuing Claims have risen by 269,000 since September. This higher trend speaks to a weakening labor market, where it’s becoming harder for people to find employment once they are let go.