The number of Americans filing for unemployment benefits for the first time jumped to 229k last week (more than the 220k expected) and the highest in four months…
Source: Bloomberg
Pennsylvania, California, and Minnesota are the states seeing the largest rise in claims last week…
Continuing jobless claims also rose last week to 1.795mm Americans – highest in two months, but still relatively low in the context of the last two years…
Source: Bloomberg
The bottom line is that while initial jobless claims are rising, they remain low by historical standards and continue to run below year-ago levels.
Taken together with the May payrolls report, the data suggest that labor-market momentum remains firm.
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