US Continuing Jobless Claims Hit 5-Month-Highs

The number of Americans filing for first time unemployment benefits dropped to 222k last week, dragging the 4-week average lower – the lowest level since the start of June. Notably non-seasonally-adjusted initial claims remain very modestly off record lows…

Source: Bloomberg

Massachusetts, Oklahoma, and Pennsylvania saw the biggest rise in initial claims last week while New York, Michigan, and Connecticut saw the biggest drop in claims…

However, continuing jobless claims rose once again and is now at its highest since early April.

The decoupling from the BLS data remains confounding…