The latest weekly Initial Jobless Claims reached their highest level since November, as 224,000 people filed for unemployment benefits for the first time. Continuing Claims also surged higher, up 70,000 with 1.898 million people still receiving benefits after filing their initial claim.
What’s the bottom line? Both Initial and Continuing Jobless Claims have risen over the last two weeks to nearly three-month highs. Plus, the latest Job Cuts report from Challenger, Gray & Christmas showed that announced layoffs in January surged from December, and this could be reflected in future Unemployment Claim filings.