Continuing Claims Surge Most Since 2009 Over Last 6 Weeks, Initial Claims Miss

Initial claims dropped 4k on the week but missed expectations, printing 294k (vs 290k exp). This is a level first seen in July 2014 as the trend of improvement has ended for claims (the biggest 3 month rise in over a year). Layoffs were dominated by MI where manufacturing and waste management industries suffered (and Texas saw fewer layoffs but a shortened workweek). Perhaps more worrying, the continuing claims data surged by over 100k to 2.452 million (stunningly on a non-adjusted basis continuing claims surged 407k).

 

The trend is over...

 

biggest 3 month rise in over a year

 

Continuing Claims have biggest 6-week rise since 2009

 

Texas shortened workweek...