Jobless claims applications ticked up modestly last week, but the total number of Americans collecting unemployment benefits rose to its highest level in more than three years, according to the Associated Press.
Applications for jobless benefits rose by 6,000 to 223,000 for the week ending Jan. 18, the Labor Department said Thursday. Analysts were expecting 219,000 new applications.
Weekly applications for jobless benefits are considered a proxy for layoffs. The total number of Americans receiving unemployment benefits for the week of Jan. 11 climbed by 46,000 to 1.9 million, the most since November 2021.
The rising level of continuing claims, which reflect the total number of Americans collecting jobless benefits, suggests that some who are receiving benefits are finding it harder to land new jobs. That could mean that demand for workers is waning, even as the economy remains strong.
The four-week average of continuing claims is about 100,000 higher than it was a year ago.
Though some signs of labor market weakness surfaced in 2024, jobs are still plentiful and layoffs historically low.
