The number of Americans filing for unemployment benefits fell last week, the Associated Press reports, but the total number of those collecting benefits rose to its highest level in almost three years.
The Labor Department reported today that applications for jobless claims fell by 15,000 to 227,000 for the week of Oct. 19. That’s less than the 241,000 analysts predicted. Continuing claims, the total number of Americans collecting jobless benefits, rose by 28,000 to 1.9 million for the week of Oct. 12. That’s the most since Nov. 13, 2021.
The rising level of continuing claims 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.
Still, the four-week average of continuing claims is only as high as it was this summer, and not terribly concerning yet, analysts say.
The four-week average of claims, which softens some of the weekly volatility, rose by 2,000 to 238,500.
