Initial Jobless Claims Rebounds To Highest Since Aug 2023

After seasonally-adjusted initial jobless claims plunged last week (NSA did not), they rebounded strongly this week from 223k to 243k – in line with the highest claims print since August 2023. On an NSA basis, claims exploded higher (and that is not a seasonal pattern).

Source: Bloomberg

The surge in NSA claims is dominated by Texas, California, and Georgia. Perhaps the spike in Texas is Hurricane Beryl-related?

Continuing jobless claims also picked back up, to 1.867mm Americans filing benefits – the highest since Nov 2021…

Source: Bloomberg

That trend in initial and continuing claims is not Americans’ friend (but maybe Wall St.’s ‘bad news is good news’ best buddy?)…