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Continuing Claims Higher Than Expected But Still Rangebound

US DATA
  • Continuing claims meanwhile increased by more than expected at a seasonally adjusted 1794k (cons 1780k) after a downward revised 1781k (initially 1785k), with the moves exacerbating the latest weekly change.
  • Continuing claims continue to broadly move sideways in trend terms, having averaged 1791k since the start of the year and below the recent high of 1829k from early 2024.
  • There’s not much to point out in the NSA data, which continue to track slightly higher levels to 2023 and more notably higher than 2022 values.
  • As with initial claims, the bump higher in New York jobless claims was reversed.

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