While payrolls data dominates the news on the labor market, the higher frequency (and perhaps less ‘sanitized’) jobless claims data remains noteworthy.
Initial claims dropped from 237k to 233k last week, rolling over from 9 month highs…
Source: Bloomberg
Continuing jobless claims were flat at 1.964mm Americans – the highest since Nov 2021…
Source: Bloomberg
The ‘Deep TriState’ dominated the rise in continuing claims, moving to its highest since Dec 2021
Source: Bloomberg
At the very least, Musk should be proud of this trend.
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