10 August 2023
First-time jobless claims spiked from 227k to 248k last week, notably in Ohio, California, and Texas. Potential fraudulent filings and eligibility changes in two states cloud the data, reminding us of January’s concerning levels. While continuing claims seem to decrease, standing at 1.68 million, seasonal distortions might be misleading. The rise hints at vulnerabilities in the labor market amidst the Fed’s tightening.