Michigan And New York Drive Jump In Initial Jobless Claims, Continuing Claims Near 2-Year-Lows

The number of Americans filing for unemployment benefits for the first time rose to 209k last week, rebounding off the lowest levels since 1969…

Michigan and New York saw the largest surge in initial jobless claims last week, while Puerto Rico and Ohio saw the biggest weekly declines…

Continuing jobless claims, however, dipped back below 1.8 million Americans, clearly trending lower again…

Combined with Friday’s disappointing payrolls print, the labor market appears to remain in the ‘no hire, no fire’ regime.