Initial Jobless Claims fell 7,000 in the latest week, with 227,000 people filing for unemployment benefits for the first time. Continuing Claims fell by 7,000, as 1.864 million people are continuing to receive benefits after filing their initial claim.
What’s the bottom line? Though both Initial and Continuing Claims fell last week, Continuing Claims are backing off the highest level in almost three years. This shows that once laid off, it’s harder to get back to work.