Initial Jobless Claims rose by 4,000 in the latest week, as 229,000 people filed for unemployment benefits for the first time. However, there was a negative revision to the previous week’s data subtracting 17,000 claims, so the net number over the past two weeks is lower. While this sounds like positive news on the surface, part of the decline stems from fraud that was discovered in both Massachusetts and Kentucky, which had spiked the number of filings. 

Continuing Jobless Claims declined by 5,000 in the latest week though they remain elevated at 1.794 million, which is well above the low of 1.289 million seen last September. This upward trend shows the difficulties many people are having as they search for new employment.