Initial Jobless Claims fell 19,000 in the latest week, with 241,000 people filing for unemployment benefits for the first time. Continuing Claims rose by 9,000, as 1.867 million people are still receiving benefits after filing their initial claim.
What’s the bottom line? Initial Jobless Claims have been volatile in recent weeks, as the hurricanes have caused a spike in filings to the highest levels since July. Though it’s important to note that we’ve seen an uptick in claims among non-hurricane impacted states as well, which points to some weakness in the labor sector.
Meanwhile, Continuing Claims also rose to their highest level since July and are near highs from November 2021. This data continues to suggest that employers have slowed down their pace of hiring, and people are collecting benefits for longer periods of time.