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Jun 6, 2025 |
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ZeroHedge
27 Jul 2023

Initial jobless claims were expected to rise modestly last week - after hitting 2-moth lows the prior week - but instead they tumbled further to 221k (the lowest since Feb 2023)
Source: Bloomberg
Non-seasonally-adjusted claims plunged from 6-month highs to 2-month lows.
New York saw the biggest drop in claims, followed by California (with only Vermont seeing a rise, and that was tiny). We have never seen a distribution of states' claims that is as skewed as this... something is afoot.
Continuing Claims also dropped to 1.69mm Americans - the first time back below 1.7mm since Jan 2023...
Source: Bloomberg
Does any of this smell like The Fed's 500bps of hikes had any impact at all?