Initial and Continuing jobless claims rose last week (from 183k to 196k and from 1.65mm to 1.688mm respectively), although the trend of initial claims continues to trend down despite the layoffs...

Both adjusted and unadjusted initial claims data rose last week...

Source: Bloomberg

Initial claims actually shifted higher on a YoY basis last week...

Source: Bloomberg

California was by far the state with the largest increase in claims while Georgia, New Jersey, and Texas saw initial claims decline...

Regular State rolls increased by the most...

Leaving total jobless claims near one-year highs...

But, for some context, here is the labor market macro data surprise index relative to the industrial macro data surprise index...

Source: Bloomberg

One of these things is not like the other!?

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