Looks Like the Fed is Getting the Recession it Wants

Downward trend for 9 months now

Initial unemployment claims rose by 11,000 to 239,000, the highest number in , while continuing claims fell to 1.81 million from 1.823 million.

It should be noted here that initial claims rose by 27,000 in California, driven by the lemming-like behavior of the Silicon Valley tech bros. Because about 4,000 of that increase was California, and most of that was the silly-con valley layoffs.

Of course, this will not dissuade the Fed.  They don't want college age skilled workers laid off, they want hospitality and factory workers laid off, because they just don't like them.

Meanwhile, YoY inflation fell to 5% year over year, the lowest level in more than 2 years, and the Producer Price Index FELL by ½% last month, the largest drop since the start of the pandemic. 

I expect the beatings to continue until the morale improves.