Initial Claims measure the number of unemployed individuals filing for unemployment benefits for the first time after a job separation. Reported weekly by the U.S. Department of Labor, they are one of the most timely leading indicators of labor market health — rising claims signal weakening employment conditions and are closely watched ahead of recessions. Spikes above 400K have historically coincided with recessions, while the extraordinary 6M+ spike in April 2020 reflected COVID-19 lockdowns. Data sourced from FRED (Federal Reserve Bank of St. Louis), series ICSA (Seasonally Adjusted).