Initial & Continuing Jobless Claims Continues To Plunge

The number of Americans filing for jobless claims for the first time last week plunged to 201k last week, the lowest since January (with NSA claims at 174k, the lowest since October)…

Source: Bloomberg

…And this time it got no help from the distortions in Ohio (fraud) and Minnesota (extended claims) which appear to have normalized…

Source: Bloomberg

Indiana saw the biggest drop in claims while New York saw the biggest jump

Additionally, continuing claims continues to slide well below 1.7mm, now back to its lowest since January…

Source: Bloomberg

This ‘hot’ jobs data vindicates Powell’s hawkish stance…