Initial Jobless Claims fell by 24,000 in the latest week, as 209,000 people filed for unemployment benefits for the first time. This decline was larger than expected and comes after first-time filings hit a three-month high in the previous week. Continuing Claims also fell by 22,000, as 1.84 million people are still receiving benefits after filing their initial claim. This was the first decline since September, when Continuing Claims hit a low of 1.658 million.
What’s the bottom line? Initial Jobless Claims remain relatively low on a historical basis, suggesting that employers are trying to hold on to workers. And while Continuing Claims declined in the latest week, they have risen by 182,000 since September and remain near the highest levels seen this year. This higher trend indicates that it’s becoming harder for people to find employment once they are let go.