Continuing Jobless Claims Jump To 3-Year-Highs

Initial jobless claims ticked up very modestly last week with seasonally-adjusted claims hovering around 221k – not far off the lows of the year…

Source: Bloomberg

Both Florida and North Carolina (particularly affected by the major hurricanes) are returning to normal…

Source: Bloomberg

However, continuing claims rose to 1.892mm Americans – the highest since Nov 2021…

Source: Bloomberg

Is this the start of the ‘unraveling’ of the Biden admin ‘adjustments’?