Initial Jobless Claims fell by 13,000 in the latest week, with 198,000 people filing for unemployment benefits for the first time. This is the second lowest level of the year and marks the first time since January that claims have fallen below 200,000, suggesting that employers are holding on to workers.

However, Continuing Claims increased 29,000, as 1.734 million people are still receiving benefits after filing their initial claim. This data has moved higher over the last few weeks, indicating that it’s becoming harder for people to find employment once they’re let go.

What’s the bottom line? While Initial Jobless Claims have been on a downward trend since hitting 250,000 at the start of August, a recent rise in announced layoffs via “WARN” notices could lead to a reversal higher in unemployment filings. The Worker Adjustment and Retraining Notification Act (WARN) is an important consumer protection that requires employers with 100 or more employees to provide at least 60 calendar days advance written notice of a plant closing and mass layoff affecting 50 or more employees at a single site of employment.