The number of people filing for unemployment benefits for the first time fell by 4,000 in the latest week, as 217,000 Initial Jobless Claims were reported. Continuing Claims also dropped by 11,000, with 1.873 million people still receiving benefits after filing their initial claim.
What’s the bottom line?
The low level of Initial Jobless Claims suggests that employers continue to hold on to their workers. Yet, Continuing Claims are still trending near some of the hottest levels we’ve seen in recent years, now topping 1.8 million for 23consecutive weeks. Employers have clearly slowed down their pace of hiring as challenges remain for job seekers searching for their next position.