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Seasonally Elevated Continuing Claims Looked Broad-Based

US DATA
  • We noted earlier how continuing jobless claims are sitting above similar late Jan/early Feb weeks from 2022 and especially 2023, in turn signaling a slower rate of re-hiring in the labor market.
  • This looks broad-based, especially for 2023 where all four of the largest states by continuing claims (California, NY, Texas & Illinois) sit clearly higher than 2023 levels for the time of year.
  • California in particular is at the high end of historical ranges, as was the case through 2023 as a whole when excluding initial post-pandemic years.

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