Initial jobless claims have risen for the first time in June, while continuing claims have reached a 31-month high, according to the latest weekly survey from the Department of Labor.
Continuing Claims: a measure of ongoing unemployment, rose for the fourth straight week to 1.858 million for the week ending June 22nd. This is an increase of 26,000 from the previous week and the highest level since November 27th, 2021.
Jobless Claims: For the week ending June 29th, initial jobless claims increased by 4,000 to 238,000, marking the first rise in the last four weeks.
- The four-week average of initial claims also saw an increase for the fourth consecutive week, climbing to 238,500, the highest level since August 26th, 2023.
Bottom Line: These trends suggest that the labor market is experiencing a slow but undeniable cooling. Rising jobless claims, both initial and continuing, indicate that more workers are facing unemployment and finding it harder to secure new jobs. As the labor market shows signs of cooling, stakeholders will be watching closely for any further shifts that could impact economic stability and growth in the coming months.