Initial jobless claims are ticking back higher
- Prior report 229K revised to 232K
- Initial jobless claims 229K vs. 215K estimate.
- 4 week moving average initial jobless claims 218.5K vs. 215.75K initially reported last week
- Continuing claims 1.312M vs 1.302M estimate. Prior month revised to 1.309M vs 1.306M initially reported last week
- 4 week moving average of continuing claims 1.317M vs 1.318M last week
- The largest increases in initial claims for the week ending June 4 were in Florida (+2,098), Georgia (+2,060), Pennsylvania (+1,134), Missouri (+1,053), and Illinois (+827),
- The largest decreases were in Michigan (-2,131), Mississippi (-1,723), New York (-631), Oklahoma (-598), and New Jersey (-440).
The initial claims and continuing claims both moved higher than expectations. Employment conditions are weakening. The levels are still very low, but there is some squeaky wheels.