
Continuing Claims

Initial Claims
And initial unemployment claims fell slightly, but continuing claims rose to a 41 month high. (Full disclosure, I am a part of the latters statistic)
U.S. initial jobless claims moved lower last week, according to the Department of Labor, underscoring that there has been no big increase in newly employed workers through the end of March.Of more note, at least for this week, is the stock market.
The week through March 29 brought 219,000 initial jobless claims, compared with 225,000 a week earlier. Economists polled by The Wall Street Journal had been forecasting 228,000 initial claims.
The number of continuing claims, a gauge of the size of the unemployed population, rose to 1.9 million in the week through March 22, the highest level since November 2021. A week earlier, continuing claims held at 1.85 million. The continuing-claims data lag the data on new filings by a week.
The figures are a final weekly labor-market snapshot before the Labor Department’s full jobs report for March lands on Friday. Economists believe the unemployment rate held steady at 4.1% last month, per the Journal’s survey, and that the economy added 140,000 jobs, a slight slowing from February.
I generally do not consider the stock market as reflective of the economy, but today we saw an absolute bloodbath in the stock market today over trade war concerns.
U.S. markets suffered their steepest declines since 2020 on fears President Trump’s new tariff plans will trigger a global trade war and drag the U.S. economy into recession.That selloff was triggered by the Covid shut-down. This is a big f%$#ing deal.
Major stock indexes dropped as much as 6% on Thursday. Stocks lost roughly $3.1 trillion in market value, their largest one-day decline since March 2020. Stock-index futures drifted lower Thursday evening, and stocks in Japan were hit for a second day as Friday trading began.Not good, and it gets worse:
In Thursday's market plunge, the Dow industrials dropped 1679 points, or 4%. The tech-heavy Nasdaq, which powered the market higher for years, was down 6%, pulled lower by big declines in Nvidia, Apple and Amazon.com. The S&P 500, which fell 4.8%, and the other benchmarks suffered their sharpest declines since the early days of the Covid-19 pandemic.
The dollar meanwhile tumbled, with the WSJ Dollar Index suffering its sharpest decline since 2023. The 1.3% fall brought the greenback to its lowest level since October, a sign of unease over the growth outlook and fears that the flow of funds into the country will be sharply curtailed.
………Trump took the selloff in stride. “I think it’s going very well,” Trump said in response to a question about his tariffs Thursday afternoon. “The markets are going to boom.” He left the door open to making deals to lower tariffs, while also promising new ones on pharmaceuticals and semiconductors.
Dozens of household-name stocks posted double-digit declines, including HP, Nike and Target. Stellantis also fell sharply. The Jeep maker said it is temporarily halting production at its auto assembly factories in Mexico and Canada.
The turmoil spread beyond stocks, with oil prices dropping more than 6% and investors selling gold after its sharp run over the past year to fresh records.
So Trump is cool with this. I guess that this makes it all better.
We are f%$#ed.