Thursday, August 18, 2022

New jobless claims decline for a (recent) change


 - by New Deal democrat

For the last several months, there has has been nearly a relentless slow increase in new jobless claims. That trend broke, at least for this week. 

Initial jobless claims declined by 2,000 to 250,000. More importantly, the 4 week average also declined by 2,750 to 246,750.  Continuing claims rose 7,000 to 1,437,000, the highest since April:

Claims have been on track to turn higher YoY in November, which would signal an imminent recession; but with this week’s report that trend *may* be breaking - to the good side.