The number of people filing for unemployment benefits for the first time jumped in the latest week, as Initial Jobless Claims rose17,000 to 242,000. There were also 1.886 million people still receiving benefits after filing their initial claim. This marked a 15,000jump in Continuing Claims from the previous week.
What’s the bottom line?
Initial Jobless Claims came in well above estimates, hitting the highest amount in over two months, though this increase could reflect volatility in filings that can occur around holidays. The previous report measured the week that included Thanksgiving, so if people delayed filing because they were traveling or busy for the holiday, this could have caused the spike higher in the latest report.
Meanwhile, Continuing Claims remain elevated, now topping 1.8 million for the 27th week in a row. These filings continue toreflect the hiring slowdown we have seen and the challenges some people are experiencing as they look for new employment.