Initial, Continuing Jobless Claims Plunge To Lowest In 5 Months

Initial jobless claims had been anticipated to rise modestly final week – after hitting 2-moth lows the prior week – however as an alternative they tumbled additional to 221k (the bottom since Feb 2023)

Source: Bloomberg

Non-seasonally-adjusted claims plunged from 6-month highs to 2-month lows.

New York noticed the most important drop in claims, adopted by California (with solely Vermont seeing an increase, and that was tiny). We have by no means seen a distribution of states’ claims that’s as skewed as this… one thing is afoot.

Continuing Claims additionally dropped to 1.69mm Americans – the primary time again under 1.7mm since Jan 2023…

Source: Bloomberg

Does any of this odor like The Fed’s 500bps of hikes had any affect in any respect?


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