FYI: Six-month high for jobless claims? That’s something we haven’t been able to say in well over a year since hurricanes battered the US late last summer. Today’s report on jobless claims showed an increase to 234K from last week’s level of 224K and expectations for 220K. The last time claims were this high was back in mid-May, and the last time they were higher was in late March! For years now, any time the strength and resiliency of the US economy has come into question, the downward trend of jobless claims has acted as a security blanket. After today’s report, though, the yarn may be starting to fray a little. Even at 234K, claims are still low by historical standards, but they are just higher than what we have become accustomed to in recent months.
This week’s reading of 234K ended the streak of weeks where claims were at or below 225K at 20, which was just two shy of the 22-week record in 1969. While that streak has ended, the 60-week streak of readings at or below 250K remains intact, as does the record streak of 195 straight weeks where claims have been at or below 300K. When and if these streaks start to fall, it will be a time of much greater concern.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/jobless-claims-hit-a-six-month-high/
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