Initial jobless claims and continuing claims
- Initial jobs claims prior week 209K revised to 211K
- initial jobs claims vs 220K estimate.
- 4-week moving average of initial jobs claims to 220K vs 220.50 last week .
- Continuing claims 1.927M versus 1.872M estimate. That is the highest November 2021
- Prior week of continuing claims 1.840M revised to 1841M
- 4-week moving average of continuing claims 1.866M vs 1.837M last week. That is the highest level since December 11, 2021.
The big surprises in the continuing claims rose to the highest level since November 2021.
The story goes that earlier in the year, initial jobless claims were steady/taking a little higher but continuing claims are moving lower suggesting that people were getting jobs after being laid off.
Now the continuing claims are moving higher suggesting laid-off people are not getting jobs. Job markets are getting a bit softer as a result.