Read more of RSM’s insights on the economy and the middle market. Still, we don’t see new claims, which are a proxy for layoffs, reaching the threshold level of 250,000 that signifies a recession, given the resilience of the economy. That is aligned with our call that the economy has a 60% chance of a soft landing and avoid a recession over the next 12 months. Continuing claims rose again for the week ending Oct. 21, breaking the 1.8 million level for the first time since April. While continuing claims remained within a normal range seen before the pandemic, the notable increase in the past couple of months should be monitored.