The Number Of Americans Filing For First-Time Unemployment Claims Soared To 8-Month-Highs Last Week

Despite the ‘surprise’ gains in BLS payrolls data (and the disappointment in the establishment survey), the number of Americans filing for unemployment benefits for the first time surged to 251k last week – the highest since Nov 2021…

Source: Bloomberg

Massachusetts saw initial claims soar last week (along with California and South Carolina) while New York, Ohio, and New Jersey saw claims drop…

Continuing claims also rose to 1.384 million Americans, the highest since April 2022.

And judging by ISM employment data, the tightening of the labor market is only just beginning…

Source: Bloomberg

Presumably this is what Jay Powell wants… but Biden doesn’t!