You may notice the slightly different bit of text art.
It was a pretty bad jobs report, with initial claims jumping 14,000 to 249,000, against a forecast of 236,000, while continuing claims rose from 1.844 to 1.877 million, not great either.
Initial applications for US unemployment benefits jumped to the highest level in almost a year, adding to evidence that the labor market is slowing.
Initial claims increased by 14,000 to 249,000 in the week ended July 27, according to Labor Department data released Thursday. The median forecast in a Bloomberg survey of economists called for 236,000 applications. Michigan and Missouri were among states with large gains.
Continuing claims, a proxy for the number of people receiving unemployment benefits, also rose to 1.88 million in the week ended July 20, the highest since November 2021. The claims data are prone to big weekly swings this time of year, which include school closures and retooling at auto factories.
Just f%$#ing lovely.
3 months before the election, and we look to be headed into a downturn.
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