Continuing Jobless Claims Top 1.8 Million for 14th Straight Week

Initial Jobless Claims were little changed in the latest week (+2,000), with 230,000 people filing for unemployment benefits for the first time. Continuing Claims also saw a slight increase of 5,000, as 1.85 million people are still receiving benefits after filing their initial claim.

What’s the bottom line? The measured week for Initial Jobless Claims included Labor Day, and this could have impacted the data as people often put off filing if they’re traveling or busy for the holiday. Continuing Claims measured the week before Labor Day, so it’s likely they were less impacted by the holiday.

Notably, Continuing Claims have now topped 1.8 million since the start of June, remaining near some of the highest levels seen in recent years. The data continues to suggest that people are collecting benefits for longer periods of time as new job opportunities have become harder to find.