26 October 2023
The U.S. unemployment situation worsens as first-time jobless claims climb to 210k from 200k last week, surpassing expectations. Oregon and New York are leading the surge in claims, while areas like Tennessee and Michigan saw minimal improvement. Notably, continuing claims have been on an alarming upward trend for four consecutive weeks, peaking at 1.79mm – the highest since May. With ongoing seasonal distortions, experts anticipate a further surge in claims, projecting an increase of 375k by March. The current economic indicators suggest a bleak employment outlook for the coming months.