Continuing Jobless Claims Suggest Slower Pace of Hiring

Initial Jobless Claims fell by 4,000 in the latest week, with 218,000 people filing for unemployment benefits for the first time. Continuing Claims rose by 13,000, as 1.834 million people are still receiving benefits after filing their initial claim.

What’s the bottom line? Initial Jobless Claims remain tame, showing that employers are reluctant to let their employees ago. At the same time, Continuing Claims have now topped 1.8 million for 16 straight weeks, remaining near highs from November 2021, suggesting that employers have also slowed down their pace of hiring.