Jobless Claims Continue to Show Labor Sector Weakness

Initial Jobless Claims fell slightly in the latest week, with 231,000 people filing for unemployment benefits for the first time. Continuing Claims rose by 13,000, as 1.868 million people are still receiving benefits after filing their initial claim, meaning this metric remains near the highs from November 2021.

What’s the bottom line? Both Initial and Continuing Claims have trended higher this summer when compared to the beginning of the year, with Continuing Claims topping 1.8 million each week since the start of June. This shows that layoffs have risen while new job opportunities have also become scarcer.