Initial Jobless Claims Unexpectedly Tumbled Last Week but Continuing Claims Near Two-Year Highs

The number of Americans filing for first-time jobless benefits dropped to 209,000 from 233,000 the previous week. Continuing claims slightly decreased from 1.862 million to 1.84 million, remaining near two-year highs. However, Goldman Sachs warns that seasonal distortions affecting continuing claims are likely to reverse, potentially increasing these claims by 375,000 between now and March, indicating a worsening situation in the job market.