Initial Jobless Claims Plunge Back Near Record (56 Year) Lows

Once again, weekly jobless claims data shows no signs of pain the labor market with the number of Americans filing for jobless benefits for the first time dropping back below the Maginot Line of 200k (198k – below all estimates)…

Source: Bloomberg

Interestingly, the unadjusted data surged higher (330k) as its seasonal pattern continues.

New York saw the largest drop in initial claims last week (and Texas the biggest increase)…

Source: Bloomberg

The ‘adjusted’ claims data is back near its lowest levels since 1969…

Source: Bloomberg

Continuing jobless claims remains below its crucial 1.9 million Americans level…

Source: Bloomberg

Interestingly, despite the overall decline, we are seeing a resurgence on continuing claims in the ‘Deep Tristate’ region…

Source: Bloomberg

So, all in all, the ‘no hire, no fire’ economy continues with GDP growth forecasts holding exceptionally strong.