After being delayed by the shutdown, the BLS has released the last several weeks of jobless claims – and the trend remains the same. Weekly Initial Claims held between 220,000 and 235,000 throughout October and November. Continuing Claims, which reflect the number of people still receiving unemployment benefits, stayed above 1.9 million each week, with the latest reading reaching 1.974 million.
What’s the bottom line? While relatively low initial claims are a positive sign, the persistently high level of continuing claims –above 1.9 million since mid-May – suggests people are taking longer to find new jobs. This points to a labor market that continues to cool.