Initial Jobless Claims Rise After Massachusetts Fraud Revisions

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by Tyler Durden
Thursday, May 25, 2023 - 12:40 PM

Initial jobless claims 'confused' last week, printing 229k (well below the 245k exp and the 242k prior). BUT, and it's a big but, Massachusetts - after admitting to widespread fraud - has revised its last three months jobless claims data lower by an average of 14k per week.

The result is that claims actually ROSE last week from a revised lower 225k to 229k...

Source: Bloomberg

The last two weeks saw the headline claims revised down 50k jobs (-33k and -17k respectively)

We note that for the second week in a row, MA saw a big decline in claims...

Additionally, Continuing claims continued to trend back below 1.8mm.

Once again, can we really trust this data?