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The number of Americans filing for unemployment benefits fell last week, but the total number of those collecting benefits rose to its highest level in almost three years.
The Labor Department reported Thursday 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 that analysts forecast.
Weekly applications for jobless benefits are considered a proxy for U.S. layoffs.
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 November 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 level of continuing claims is rising too, a not-too-alarming sign of a slowing economy, but there is no sign of a crash in employment or a surge of layoffs,” economists for High Frequency Economics wrote in a note to clients. “The labor market is softening but not imploding.”
