Initial Jobless Claims fell by 20,000 in the latest week, with 192,000 people filing for unemployment benefits for the first time. The number of people continuing to receive benefits after their initial claim is filed declined by 29,000 to 1.684 million, which is just below the highest Continuing Claims reading in 14 months.

What’s the bottom line? Initial Jobless Claims remain muted, reflecting a tight labor market where companies are doing their best to hold on to workers. And while Continuing Claims can be volatile from week to week, the overall trend has been higher, as they have now risen by more than 300,000 since the low reached last September. This suggests it’s also harder for people who are let go to find new employment.