EDITOR NOTE: Last week, first-time jobless claims spiked Zero Hedge reports. Experts pinned this on Hurricane Ida and expected them to drop back down to pre-pandemic lows as they have been trending. However, the next report showed that these experts “were very wrong as 351k Americans filed for first-time jobless claims (way worse than the 320k expected). That is the highest in 7 weeks.” This is bad news for the U.S. economy, and it also means that as we are just over a week away from the September economic reports coming out in October, the economy — and average Americans — could be in for some very bad news coming down the pike.
After unexpectedly rising in the prior week (perhaps due to Hurricane Ida's impact), analysts expected jobless claims to drop back to post-COVID lows last week - but they were very wrong as 351k Americans filed for first-time jobless claims (way worse than the 320k expected). That is the highest in 7 weeks...
Source: Bloomberg
California dominated the states seeing the biggest rise in jobless claims, while Louisiana saw the biggest drop...
Additionally, continuing claims jumped from 2.665mm to 2.845mm (also well above expectations of a drop to 2.60mm).
On the bright side, over 700,000 Americans left the pandemic emergency benefits roles...
But, there are still over 11 million Americans on some form of government dole...
Source: Bloomberg
Finally, we note that this week was the September non-farm-payrolls survey period, so that may bode ill for the jobs data (that admittedly Powell has somewhat played down in importance with regard to the taper decision).
Originally posted on ZeroHedge
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