Initial Jobless Claims rose by 22,000 in the latest week, as 264,000 people filed for unemployment benefits for the first time. This is the highest Initial Jobless Claims print since October 2021. Since October 2022, Initial Jobless Claims have risen by 84,000. While not in a straight line, the trend is higher overall.

Continuing Claims rose by 12,000 to 1,813,000. This number measures people who continue to receive unemployment benefits after their initial claim is filed. Continuing Claims have been rising substantially and remain elevated.

What’s the bottom line? Jobless Claims can be volatile from week to week, but they continue to trend higher. The labor market has been extremely tight for quite some time. However, it’s been showing signs of weakening as of late.