The number of people filing for unemployment benefits for the first time declined for the third straight week, as Initial Jobless Claims dropped by 3,000 to 183,000. Continuing Claims, which measure people who continue to receive benefits after their initial claim is filed, fell 11,000 to 1.655 million.

What’s the bottom line? We are continuing to see a tight labor market where companies are doing their best to hold on to workers. However, Continuing Claims have risen by nearly 300,000 over the last four months, which also suggests it’s becoming harder for many to find a job if they are let go.