‘Deep TriState’ Layoffs Leave Continuing Jobless Claims ‘Stuck’ At Highest Since 2021

While payrolls data dominates the news on the labor market, the higher frequency (and perhaps less ‘sanitized’) jobless claims data remains noteworthy.

Initial claims dropped from 237k to 233k last week, rolling over from 9 month highs…

Source: Bloomberg

Continuing jobless claims were flat at 1.964mm Americans – the highest since Nov 2021…

Source: Bloomberg

The ‘Deep TriState’ dominated the rise in continuing claims, moving to its highest since Dec 2021

Source: Bloomberg

At the very least, Musk should be proud of this trend.