Initial Jobless Claims rose by 25,000 in the latest week, which was higher than expected, as 214,000 people filed for unemployment benefits for the first time. Continuing Claims also came in above forecasts, up 27,000 as 1.833 million people are still receiving benefits after filing their initial claim.
What’s the bottom line? Initial Jobless Claims can be volatile from week to week, yet they remain relatively low on a historical basis, suggesting that employers are trying to hold on to workers. And while Continuing Claims have fallen from highs hit late last year, they are still elevated, especially when compared to September’s low of 1.658 million filers. This suggests it’s become harder for people to find employment once they are let go.