Jobles Claims Explode Higher In First Week Of December

The number of Americans filing for jobless benefits for the first time jumped significantly last week (from 225k to 242k – well above expectations of 220k) – the highest since the first week of October.

On an un-adjusted basis, claims exploded higher (highest since January)…

Source: Bloomberg

Oh, and in case you need someone to blame for this utter farce – it’s California of course. Just look at the last four weeks of unadjusted claims – exploding higher and crashing lower like a penny stock? Must be all those sanctuary-seeking illegals?

Continuing jobless claims remains below the 1.9mm Maginot Line (1.886mm) – hovering near the highest levels since Nov 2021…

Source: Bloomberg

The seasonals in the initial claims data is just the ‘excuse’ The Fed needs to feed the beast with another rate-cut next week… and then ‘revise’ the print lower once again.