Applications for new unemployment benefits rose by 13,000 in the latest week, as 215,000 Initial Jobless Claims were filed. Continuing Claims also rose 45,000, with 1.905 million people still receiving benefits after filing their initial claim.
What’s the bottom line? While Initial Jobless Claims are still relatively low, Continuing Claims have been trending higher, with this latest reading the second highest since November 2021. The data shows that employers are still trying to hold on to workers, but once people are let go it’s more challenging for them to find new employment.