Initial Jobless Claims fell by 12,000 in the latest week, with 219,000 people filing for unemployment benefits for the first time. Continuing Claims also declined by 14,000, as 1.829 million people are still receiving benefits after filing their initial claim.
What’s the bottom line? Continuing Claims have now topped 1.8 million for 15 straight weeks, remaining near highs from November 2021. And while Continuing Claims have fallen over the last few weeks, this likely encompasses benefits expiring as well as people finding new jobs, given that the hiring rate (3.5%) is near the lowest level since 2013 not including COVID.