Following a weaker than expected AP print, jobless claims data is worse than expected too.

Initial claims rose to 238k last week from a revised 234k (and above the 235k expected). On an NSA basis, this is the highest since January...

Source: Bloomberg

Continuing claims continue to rise also, hitting 1.858 million Americans last week - the highest since Dec 2021...

Source: Bloomberg

The trend (4-week moving average) in initial claims is clear... and is starting to catch up to WARNs and Job Cuts...

Source: Bloomberg

Have Powell and Biden suddenly decided its ok to admit reality in order to force a July rate-cut and save the election?

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