The number of Americans filing for jobless claims for the first rose to 230k last week (higher than the 226k the prior week) but it is the ongoing rise in continuing jobless claims that should be a worry for Americans (and ‘cheer’ for The Fed?).
On a non-adjusted basis, initial jobless claims surged to the highest since January…
Notably, not one state saw claims drop (on an NSA basis) last week…
1.671 million Americans are filing for jobless claims on a continuing basis – the most since February…
Source: Bloomberg
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 10 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…
Source: Bloomberg
With claims and the household survey both signaling weakness in American jobs… ‘great news’ for The Fed?!
