Initial Jobless Claims fell by 9,000 in the latest week, with 211,000 people filing for unemployment benefits for the first time. Continuing Claims also dropped by 52,000, as 1.844 million people are still receiving benefits after filing their initial claim.
What’s the bottom line?
While Initial Jobless Claims fell to their lowest level since April, the measured week included Christmas, and this could have impacted the data as people often put off filing if they’re traveling or busy during the holidays.
Continuing Claims measured the prior week just before Christmas, so they may have been less impacted by the holiday. However, they have now topped 1.8 million since the start of June, which is 30 consecutive weeks. This elevated number suggests people are collecting benefits for longer periods of time as new job opportunities have become harder to find.