So, initial unemployment claims fell to 221,000, the lowest level since February, and the less volatile 4-week moving average fell fell by 3,750 to 233,750. Continuing claims fell by 59,000 to 1.69 million.
This follows the Open Market Committee of the Federal Reserve raised rates to the highest level in 22 years, 5½%.
The Fed is not looking at inflation to make its interest rate decisions, it's looking at employment, not inflation, and it won't stop until we have significant unemployment, because ordinary workers remain uppity.
Also, the fact that US GDP rose at a 2.4% annual rate in the 2nd quarter further indicates that more rate hikes on the way.
We are f%$#ed.
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