14 September 2023
Jobless claims have alarmingly risen to 220k from 215k, despite Ohio’s attempts to rectify its fraudulent filings. These efforts have only marginally reduced the national figure. Ohio, once plagued with the most significant fraudulent claims, now showcases a decline. However, continuing claims remain precariously close to the worrying 1.7MM mark. Goldman Sachs warns of seasonal distortions that could pull down continuing claims, potentially impacting 375k by September’s end. The unemployment rate is ominously at its peak since February 2022.