Initial Jobless Claims declined by 3,000 in the latest week, with 217,000 people filing for unemployment benefits for the first time. The real story remains Continuing Claims, which increased by 22,000, showing that 1.834 million people are still receiving benefits after filing their initial claim. The last time Continuing Claims were this high was back in April.

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. However, Continuing Claims have risen for seven straight weeks, up by 176,000 in this timeframe, suggesting that it’s becoming harder for people to find employment once they are let go.

This sentiment was echoed by ZipRecruiter last week during their third quarter earnings call. Cofounder and CEO Ian Siegel explained that the Fed’s rapid pace of rate hikes has increased borrowing costs for businesses, leading to “a much more cautious approach to hiring.”

He added that there are lower job openings and less hiring, and as a result, “job seekers are taking longer to find work and those currently employed are changing jobs less frequently.” In fact, he noted that the quit rate has returned to pre-pandemic levels.