Initial Jobless Claims fell by 18,000 in the latest week, as 202,000 people filed for unemployment benefits for the first time. Continuing Claims also declined by 31,000, with 1.855 million people still receiving benefits after filing their initial claim.
What’s the bottom line? Initial Jobless Claims are historically lower during the holiday season, as layoffs tend to wane before Christmas and New Year’s. And while Continuing Claims fell in the latest week, they have been trending higher and point to a weakening labor market, where it’s much harder for people to find employment once they are let go.