Initial Jobless Claims were higher than expected in the latest week, rising by 33,000 for a total of 258,000 people filing for unemployment benefits for the first time. Continuing Claims also surged higher by 42,000, as 1.861 million people are still receiving benefits after filing their initial claim.
What’s the bottom line? Initial Jobless Claims tied a high last seen in August 2023, though the spike higher was due in part to elevated filings in states impacted by Hurricane Helene. Hurricane Milton could cause additional elevated filings in the coming weeks.
Meanwhile, Continuing Claims have topped 1.8 million since the start of June, remaining near three-year highs. This data continues to suggest that employers have slowed down their pace of hiring, making it harder for some people to find new employment once they are let go.