Initial Jobless Claims Soars To Highest Since Nov 2021
Following the very mixed message from last Friday's jobs data, this morning's initial claims data was definitely worse - with 244k Americans filing for unemployment benefits for the first time last week. That is the highest since November 2021...
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Source: Bloomberg
There was a big jump in unadjusted continuing claims across all programs...
The unexpectedly large rise in claims was driven by a surge in New York (vaccine mandate related?)
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This ongoing surge in jobless claims fits much more with the narrative being told by ISM Manufacturing and Services surveys...
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Still, think the economy is strong enough to withstand a 100bps hike next week?
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