Initial Jobless Claims fell 16,000 in the latest week, as 230,000 people filed for unemployment benefits for the first time. The number of people continuing to receive unemployment benefits after their initial claim is filed also fell 3,000 to 1.858 million.
What’s the bottom line? While these numbers can be volatile from week to week, the overall trend has been higher. Initial Jobless Claims have remained above 200,000 since early February while Continuing Claims have now risen by 569,000 since the low reached last September. These numbers are further evidence of workforce reductions, and the challenges people are subsequently facing as they search for new employment.