Following a weaker than expected AP print, jobless claims data is worse than expected too.
Initial claims rose to 238k last week from a revised 234k (and above the 235k expected). On an NSA basis, this is the highest since January…
Source: Bloomberg
Continuing claims continue to rise also, hitting 1.858 million Americans last week – the highest since Dec 2021…
Source: Bloomberg
The trend (4-week moving average) in initial claims is clear… and is starting to catch up to WARNs and Job Cuts…
Source: Bloomberg
Have Powell and Biden suddenly decided its ok to admit reality in order to force a July rate-cut and save the election?
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