Initial Jobless Claims rose by 4,000 in the latest week, with 238,000 people filing new unemployment claims. Continuing Claims rose by 26,000, as 1.858 million people are still receiving benefits after filing their initial claim.
What’s the bottom line? Both Initial and Continuing Jobless Claims trended higher in June, with Initial Claims above 230,000 and Continuing Claims topping 1.8 million in each of the last four weeks. The Fed is closely watching for any rising trends in unemployment claims as they weigh monetary policy and the timing for rate cuts, given their dual mandate of price stability and maximum employment.