Almost 900,000 Americans Filed For First-Time Jobless Benefits Last Week But California Chaos Continues

898,000 Americans filed for first-time jobless claims last week, well above the previous week's 845k (and much worse than the 825k expected). This is the biggest rise in claims in 8 weeks...

Source: Bloomberg

That's the bad news.

The good news is that continuing claims dropped notably WoW, to their lowest since March...

Source: Bloomberg

Indian, Illinois, and Massachusetts saw the biggest increase in jobless claims last week. Michigan, Alabama, and Oklahoma saw the biggest drop...

So, that's the reported data - do with it what you will, depending on your agenda - but bear in mind that it is practically useless noise given the fact that issues with data from California, the most populous state, continue to remain frozen as they deal with the massive fraud that permeated their unemployment rolls.

Source: Bloomberg

As the chart above from Bloomberg shows, California's initial jobless claims make up more than a quarter of the national total, so be careful when judging the weekly totals for now.