Initial Jobless Claims fell by 19,000 in the latest week, with 202,000 people filing for unemployment benefits for the first time. Continuing Claims rose by 20,000, showing that 1,876,000 million people are still receiving benefits after filing their initial claim.  

What’s the bottom line? The low number of Initial Jobless Claims suggests that layoffs remain muted as employers are trying to hold on to workers. Yet, Continuing Claims reached their second highest level since November 2021. This figure has been rising sharply and points to a weakening labor market, where it’s much harder for people to find employment once they are let go.