The number of Americans filing for jobless benefits for the first time last week slipped to 217k (from an upwardly revised 220k), hovering near YTD lows and showing absolutely no signs at all of any labor market stress…
Source: BloombergOregon saw the biggest decline in claims while California and New York saw the biggest rise…(Click on image to enlarge)
But, for the sixth straight week, continuing jobless claims increased, rising to 1.834mm Americans – the most since early April 2023…
Source: BloombergAnd it’s going to get worse, as Goldman reminds us that ongoing seasonal distortions have increasingly weighed on the level of continuing claims over the last six months, and we now expect that the reversal of those distortions could exert a cumulative boost of 375k to the level of continuing claims between now and March.We’re gonna need more seasonal adjustments.More By This Author:Endgame: Interest On U.S. Debt Skyrockets Above $1 Trillion For The First Time EverDisney Stock Rises After Earnings Beat, Increases Cost-Cutting Plan By $2BNFutures Flat Ahead Of Closely Watched Powell Speech
Continuing Jobless Claims Jump To Highest Since April
