Initial Jobless Claims Crash To 2nd Lowest Level On Record (55 Years)

Last week saw just 166k Americans file for first time jobless benefits – that is the lowest level since the week after Thanksgiving in 1968 (which is typically a seasonal dip)…

Source: Bloomberg

..and apart from that one print, the labor market has never been tighter (according to the Labor Department’s claims data) in its 55 year history.

New York, DC, and Arkansas saw the biggest falls in claims while Tennessee, Hawaii, and Wisonsin saw the biggest increase…

On the other hand, continuing jobless claims spiked last week from 1.506mm (lowest since Jan 1970) to 1.523mm

Notably this new series includes massive historical revisions…

But still, that doesn’t affect the latest record low print.

Get back to work Mr.Powell (oh and while we are at it, Mr.Schumer, why do we need to extend the moratorium on student loan repayment if everything is this awesome?)