Weekly jobless claims post lowest reading since September 2022

January 18, 2024

The labor market continued to show surprising resiliency in the early days of 2024, with initial jobless claims posting an unexpected drop last week. Initial filings for unemployment insurance totaled 187,000 for the week ended Jan. 13, the lowest level since Sept. 24, 2022, the Labor Department reported Thursday. Along with the drop in weekly claims came an unexpected decline of 26,000 in continuing claims, which run a week behind. However, housing starts totaled 1.46 million, a 4.3% monthly decline but better than the 1.43 million estimate. On employment, the report did note signs of a "cooling labor market," with lower wage pressures.