Initial Jobless Claims Rise Near 8-Month Highs

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by Tyler Durden
Thursday, Jun 06, 2024 - 12:59 PM

Another week, another government-sponsored jobless claims print to mock.

According to the propaganda spreadsheet at Biden's Department of Labor, 229,000 Americans filed for jobless benefits for the first time last week, up from an upward revised 221,000 the prior week, and above the 220,000 median estimate.

There were no major outliers this week: Minnesota and California saw the largest jump in claims while Michigan and Texas saw the biggest declines.

Continuing claims was basically flat just below 1.8 million Americans, again, but we do note that the 'trend' for claims is up (4-week MA at 8 month highs)...

And yet, despite the rock-solid (if modestly deteriorating) government data, WARNs and job Challenger cut announcements (not provided by the government) remain notably elevated and continue to rise...

So like last week, we ask: is everyone who is getting laid off immediately being hired by NVDA? And how soon after the election will all this "data" be revised higher...