The number of Americans filing for jobless claims for the first rose last week from 216k to 225k (in line with exp), with the non-seaonally-adjusted pace of initial claims trending notably higher…
We do note that the state with the biggest drop in claims (which helps make the picture less ugly) is California… but that number was ‘estimated’…
But it is the ongoing rise in continuing jobless claims that should be a worry for Americans (and ‘cheer’ for The Fed?).
1.710 million Americans are filing for jobless claims on a continuing basis – the most since early February…
This is the largest rise in continuing claims since the peak of the COVID lockdowns in June 2020.
So the labor is still “tight”?
The 11 straight weeks of increasing continuing claims suggests that Americans who are losing their job are having more trouble finding a new one.
Perhaps the Establishment survey is completely decoupled from reality…
With claims and the household survey both signaling weakness in American jobs… ‘great news’ for The Fed?!
Graphs are here: https://www.zerohedge.com/markets/continuing-jobless-claims-near-11-month-highs