Initial Jobless Claims Surged To Highest Since Oct 2021

Initial jobless claims surged last week to 261k (up from 233k prior and well above the 235k exp) - its highest since Oct 2021.

Source: Bloomberg

That is the biggest WoW rise since July 2021.

We await remarks from some state (cough Massachusetts cough) to explain away this move but for now Ohio, California, and Minnesota saw the biggest increases but nothing looks like an outlier...

However, continuing claims fell last week to 1.757mm - lowest since Feb 2023...

Source: Bloomberg

Is this the turning point?