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Initial Claims In Line But Continuing Push To Highs Since Nov’21

US DATA
  • Initial jobless claims mostly in line: 233k (sa, cons 235k) after a slightly upward revised 239k (initial 238k).
  • The four-week average climbs further to 236k (+3k) for a fresh high since Sep’23.
  • The non-seasonally adjusted data don’t show anything surprising on a national basis. Note that the largest increase on the week came from New Jersey (+5.3k vs the national -3.6k) but this is entirely in keeping with its usual seasonal pattern.
  • Continuing jobless claims however saw a new high since Nov’21: 1839k (sa, cons 1828k) after a downward revised 1821k (1828k). This is also for a payrolls reference week.
  • NSA continuing claims continue to drift towards the higher levels for recent ‘typical’ years – see charts.

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