The number of Americans filing for jobless benefits for the first time last week fell from 237k the prior week to 228k (well below the 240k exp) - the lowest since May. However, on a non-seasonally-adjusted basis, initial claims remain at the highest since January...

Source: Bloomberg

California and Georgia saw the biggest rise in initial claims last week while Michigan and Kentucky saw declines...

However, continuing claims rose from 1.721mm to 1.754mm Americans...

Source: Bloomberg

As Bloomberg's Simon White notes, WARN notices - which give a lead on unemployment claims - have fallen somewhat from their recent peak. However, the drop does not yet look by enough to throw doubt on the current steadily rising trend in claims.

Source: Bloomberg

Finally, we note that Small Businesses continue to suffer from poor credit availability, which historically has been a good leading signal for the labor market...

Source: Bloomberg

How's that for 'long and variable' lagged monetary policy impact?