Surge in Continuing Jobless Claims Hits Highest Level in Two Years

Last week’s significant drop in non-seasonally adjusted initial unemployment claims reversed the previous surge, with a minor increase in seasonally adjusted claims. Continuing claims, however, have risen above 1.9 million for the first time since November 2021. This rise in claims, attributed to seasonal distortions, is expected to further increase, according to Goldman Sachs. They predict an additional rise of around 125,000 claims by March, indicating ongoing challenges in the labor market.