Weekly initial jobless claims rose slightly to 223,000, staying historically low. Continuing unemployment claims fell by 43,000 to1.85 million, however they have remained persistently above 1.8 million since last June.
What’s the bottom line? While new unemployment filings are low, the elevated continuing claims suggest individuals are taking longer to find new jobs. With many people exhausting their 26 weeks of benefits, the stubbornly high number of continuing claims indicates underlying weakness in the labor market and a slower overall pace of hiring.