The number of Americans filing for first time unemployment benefits was practically flat at 229k this week (vs an upwardly revised 232k last week) but the trend is clear from the chart below…
While continuing claims trends lower, initial claims are trending significantly higher as a turn in the labor market is clear.
The 4-week average of initial claims is now at its highest level January 2022.
When does The Fed start to panic at this level? 300k?