08/10/2023
Initial Jobless Claims, which measures individuals filing for unemployment benefits for the first time, rose 21,000 to 248,000, which is the highest level since the beginning of July. Continuing Claims, or those that continue to receive benefits after their initial claim, fell 8,000 to 1.68M. We will have to see if this jump in initial claims is a one off or a new trend, reflecting some of the weakness we are starting to see in the labor market.