Applications for new unemployment benefits were unchanged in the latest week, as 217,000 Initial Jobless Claims were filed. Continuing Claims rose by 8,000, with 1.906 million people still receiving benefits after filing their initial claim.
What’s the bottom line? Initial Jobless Claims are still relatively low, however the latest Job Cuts report from Challenger, Gray & Christmas showed that announced layoffs in February were the highest total for that month since 2009. We could see a bump upwards in future initial claim filings as a result.
Meanwhile, Continuing Claims have been trending higher, with this latest reading being the second highest since November 2021. The data shows that once people are let go it’s more challenging for them to find new employment.