Initial Jobless Claims rose by 6,000 to 223,000 in the latest week. Continuing Jobless Claims increased by 46,000 to 1.899million and have now exceeded 1.8 million each week since the start of June.
What’s the bottom line? Although new unemployment filings remain historically low, the elevated number of Continuing Jobless Claims indicates that individuals are taking longer to secure employment. Moreover, with many people receiving benefits for only26 weeks, the rise in Continuing Claims as benefits expire suggests underlying weakness and a slower rate of hiring.