264,000 Americans filed for jobless benefits for the first time last week - the highest number since October 2021...
Source: Bloomberg
California, New Jersey, and Connecticut saw the largest jump in initial claims as perhaps the tech layoffs are starting to register (as severance packages run dry)...
Continuing claims - interestingly - drift lower (from 1.772mm to 1.759mm last week)...
Source: Bloomberg
Certainly nothing here to prompt The Fed to 'told you so' on the pause (but then again, the continuing claims are a week lagged).
