The number of Americans filing for jobless benefits for the first rose to 240k last week - the most in a month and more than expected...
Source: Bloomberg
The 240k print was 6 standard deviations above expectations (and above the highest estimate)...
Source: Bloomberg
Michigan (and an estimated California) saw the biggest jump in initial claims while Illinois and Texas saw the biggest drop in initial claims last week...
Continuing claims rose further to 1.919 million Americans - the most since November 2021...
Source: Bloomberg
It seems like DOGE is working as continuing jobless claims in the 'Deep TriState' continues to surge
Source: Bloomberg
And initial claims remain elevated in the DC, VA, MD region...
Source: Bloomberg
So, while Musk is rightly disappointed at the lack of spending cuts in the budget, he can be proud that some of the waste in employees is finally being drained from the swamp.
