initial jobless claims
- Prior initial claims 217K (revised to 220K)
- Continuing claims 1.834m vs 1.820m expected
- Prior continuing 1.818m
It’s tough to get excited about this report because even if claims were 50K higher, they still wouldn’t be some kind of recession red flag. There’s no pain in the economy until this gets to 300K. That said, the trend lately has been higher so maybe we’re on our way there.
One school of thought on initial jobless claims is to pay closer attention to the revisions as well, as they reveal the underlying trend. Still, I’m not going to get excited about a 3K revision.