Initial Jobless Claims Rise To Highest Since June

Following an ugly JOLTS print, a weaker than expected ADP employment report, and Challenger Grey data showing the weakest hiring plans on record for an August, initial jobless claims rose modestly from 229k to 237k (more than the 230k expected) – the highest since June, but still merely in the same range it has been oscillating in for the last four years…

Source: Bloomberg

Continuing claims dipped last week, but remain above the 1.9 million American Maginot line…

Source: Bloomberg

After JOLTS showed government employment weakness, continuing jobless claims in the ‘Deep TriState’ are trending higher still (at highest since Dec 2021)…

Source: Bloomberg

So while jobless claims ‘miss’ made it 4 for 4 labor market disappointments this week, the claims print is certainly nothing to panic over.