Labor Market Weakens As Continuing Jobless Claims Hit 8-Month Highs

The number of Americans who filed for jobless benefits for the first time was 240k last week (up from 223k the prior week) – that is the highest since August as the brief summer respite.

Even more problematically, continuing claims rose to 1.551million Americans last week – the highest since March 2022.

Both initial and continuing claims are trending notably higher in recent weeks…

Illinois and California saw the biggest jumps in claims…

This is what The Fed wants…

Initial jobless claims highest since August and continued claims highest since March

The Fed: pic.twitter.com/NUEANgpE2o

— Newsquawk (@Newsquawk) November 23, 2022

and now that the Midterms are over, brace yourself for the next payrolls print to be allowed to be big and negative.