Initial Jobless Claims Hit 3-Year High (Despite Post-Election Surge In ‘Hiring Plans’)

On a non-seasonally-adjusted basis, jobless claims exploded higher in the second week of January to 351k – the highest since the second week of 2022…

Source: Bloomberg

Adjusted claims also rose from 203k to 217k.

Continuing claims dipped from 1.877mm Americans to 1.859mm…

Source: Bloomberg

Interesting that amid the record surge in small business optimism post-election, that unadjusted claims would soar so high?

Source: Bloomberg

We’re sure it’s just a coincidence and nothing to do with Trump.