The number of Americans filing for jobless claims for the first time last week tumbled last week to 239k, from the 265k - 20-month high - the prior week.

California and Texas saw the biggest drop in claims last week by a long way while Connecticut and New Jersey saw the biggest increase...

While smoother 4-week average of initial claims rose to its highest since Nov 2021, Continuing claims continued to drift lower (to 1.742mm) - the lowest since Feb 2023.

Very much not what The Fed wants to see after 500bps of rate-hikes.

...the smoother 4-week average of initial claims rose to its highest since Nov 2021
{ai:summary}Jobless claims in the US fell to 239k, a significant drop from the prior week's high of 265k. #economyCalifornia and Texas experienced the largest decline in jobless claims, while Connecticut and New Jersey saw an increase. The 4-week average of initial claims rose to its highest level since November 2021, while continuing claims reached their lowest point since February 2023. This is not the ideal outcome for the Fed, especially after multiple rate hikes. #economy

Initial Jobless Claims Unexpectedly Tumbled Last Week, Led By TX & CA

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