US Continued Unemployment Claims Reach Highest in 31 Months

Last week, the number of continuing unemployment claims, which are filed by those applying for unemployment benefits for two weeks or more, reached the highest level in two years and seven months.

According to the U.S. Department of Labor on the 27th (local time), the number of initial unemployment claims for the week of June 16-22 was recorded at 233,000. This was slightly below the expert forecast of 236,000. It also decreased compared to the previous week's revised figure of 239,000.

The number of continuing unemployment claims for the week of June 9-15 was 1,839,000, an increase of 18,000 from the previous week's revised figure of 1,821,000. This is the highest level since November 2021 and is interpreted as a signal that the labor market is slowing down.

Jeff Roach, Chief Economist at LPL Financial, said, "The slight increase in continuing unemployment claims, reaching the highest level since the end of 2021, is sending a warning signal that the labor market may be slowing down," adding, "In the second half of 2024, both consumer and business activities are expected to slow, providing the Fed with ample opportunity to begin cutting interest rates in the latter half of this year."