Thursday, October 13, 2022

Initial claims continue to rise along with gas prices

 - by New Deal democrat

Last week I wrote that initial jobless claims may have ended their recent downtrend. This week appears to have confirmed that.

Initial claims rose 9,000 to 228,000, and the 4 week average rose 5,000 to 211,500. Continuing claims, which lag somewhat, increased 3,000 to 1,368,000:

With OPEC deliberately cutting back production in order to cause a shortage in Europe and the US this winter (to aid Russia, and also the GOP in the midterm elections), gas prices will likely continue to rise. I would expect jobless claims to continue rise as well. Whether this is the final rise before a recession signal is impossible to know just yet.