Powell’s Plan Is Not Working – Initial Jobless Claims Plunge To 5-Month Lows
September 30, 2022
Well this is not going to help fight inflation…
The number of Americans filing for jobless benefits for the first time dropped back below 200k last week (193k) – the lowest number since April…
Continuing Claims also fell to its lowest in 3 months.
Fed Chair Powell will not be happy that his cunning plan to fight inflation by easing the tightness in the labor market – by raising rates and crushing the economy – does not seem to be working.
Presumably this means more higher and more longer rate-hikes are to come…
Which explains why futures are tumbling.
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