Weekly Jobless Claims Drop to 4-Month Low as Hiring, Firing Stalls

Published on September 26, 2024

The number of people filing for unemployment benefits last week fell to the lowest level in nearly four months as the labor market softens. New data from the Department of Labor show that initial jobless claims declined by 4,000, to 218,000 for the week ended Sept. 21. This was below the consensus estimate of 225,000 and the lowest number since the middle of May. Last week’s reading was adjusted higher, to 222,000. While claims have been trending lower after peaking at an 11-month high in July, they are above the numbers observed earlier this year. Continuing jobless claims—the number of individuals still receiving unemployment benefits—rose to 1.834 million for the week ended Sept. 14. This is up from the downwardly revised 1.821 million. Likewise, continuing claims have been edging lower since touching a near three-year high in July....

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