The number of people filing new unemployment claims was lower than expected in the latest week, as Initial Jobless Claims fell by 9,000 to 218,000. Continuing Claims also declined by 23,000, with 1.871 million people still receiving benefits after filing their initial claim.
What’s the bottom line? While Initial Jobless Claims are still relatively low, the four-week average is near the highest level since December. There have also been some high-profile layoff announcements recently, and these numbers could be reflected in future initial unemployment filings. In addition, Continuing Jobless Claims are hovering around the highest levels since 2021, suggesting that people are having a harder time finding new employment once they’re let go.