Initial Jobless Claims fell slightly in the latest week, with 210,000 people filing for unemployment benefits for the first time. This was a decline of 2,000 from the previous week. Continuing Claims rose by 24,000, with 1.819 million people still receiving benefits after filing their initial claim.
What’s the bottom line? Initial Jobless Claims have hovered between 200,000 and 213,000 each week since the start of February, which is surprisingly low given the high-profile layoff announcements that we’ve seen. Meanwhile, Continuing Claims are trending higher compared to a year ago, showing that it’s become harder for some people to find new employment once they are let go.