Initial, Continuing Jobless Claims Plunge To Lowest In 5 Months
Initial jobless claims were expected to rise modestly last week – after hitting 2-moth lows the prior week – but instead they tumbled further to 221k (the lowest since Feb 2023)
Source: Bloomberg
Non-seasonally-adjusted claims plunged from 6-month highs to 2-month lows.
New York saw the biggest drop in claims, followed by California (with only Vermont seeing a rise, and that was tiny). We have never seen a distribution of states’ claims that is as skewed as this… something is afoot.
Continuing Claims also dropped to 1.69mm Americans – the first time back below 1.7mm since Jan 2023…
Source: Bloomberg
Does any of this smell like The Fed’s 500bps of hikes had any impact at all?
Tyler Durden
Thu, 07/27/2023 – 08:45
