31 August 2023
US jobless claims fell to 228k, near 6-month lows (from 232k). New York had the largest rise, Ohio remained low due to fraud removal. Continuing claims rose to 1.725mm. Challenger, Gray reported a 217% MoM increase in job cuts in August, with warehousing hit hardest. Job openings are falling, workers reluctant to change jobs post-pandemic. ADP, JOLTS, and Challenger-Gray indicators are weak, but initial claims are strong.