08 February 2024

It's Thursday, Time for ¯\_(ツ)_/¯

Yeah, we have the new unemployment claims report.

Just in case you are wondering, I do not have a clue as to what is going on here, or why:

Applications for US unemployment benefits fell for the first time in three weeks, suggesting employers are still largely holding on to their workers.

Initial claims decreased by 9,000 to 218,000 in the week ended Feb. 3, according to Labor Department data out Thursday. The median forecast in a Bloomberg survey of economists called for 220,000.

Continuing claims, a proxy for the number of people receiving unemployment benefits, dropped to 1.87 million
[from 1.89 M] in the week that ended on Jan. 27.

I still think that these numbers are suspect, not because of any conspiracy, but because of inertia.

I think more work needs to be done on seasonal adjustments.


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