Initial Jobless Claims were relatively flat 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 4,000, with 1.807 million people still receiving benefits after filing their initial claim.
What’s the bottom line? Initial Jobless Claims remain tame and continue to suggest a surprisingly low level of layoffs despite the high-profile downsizing announcements we’ve seen. Yet, 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.