Continuing Jobless Claims Revised Down For 20th Straight Week...
As a reminder, in the real world labor market, 2024 has been a shitshow of layoffs...
1. Everybuddy: 100% of workforce
2. Wisense: 100% of workforce
3. CodeSee: 100% of workforce
4. Twig: 100% of workforce
5. Twitch: 35% of workforce
6. Roomba: 31% of workforce
7. Bumble: 30% of workforce
8. Farfetch: 25% of workforce
9. Away: 25% of workforce
10. Hasbro: 20% of workforce
11. LA Times: 20% of workforce
12. Wint Wealth: 20% of workforce
13. Finder: 17% of workforce
14. Spotify: 17% of workforce
15. Buzzfeed: 16% of workforce
16. Levi's: 15% of workforce
17. Xerox: 15% of workforce
18. Qualtrics: 14% of workforce
19. Wayfair: 13% of workforce
20. Duolingo: 10% of workforce
21. Rivian: 10% of workforce
22. Washington Post: 10% of workforce
23. Snap: 10% of workforce
24. eBay: 9% of workforce
25. Sony Interactive: 8% of workforce
26. Expedia: 8% of workforce
27. Business Insider: 8% of workforce
28. Instacart: 7% of workforce
29. Paypal: 7% of workforce
30. Okta: 7% of workforce
31. Charles Schwab: 6% of workforce
32. Docusign: 6% of workforce
33. Riskified: 6% of workforce
34. EA: 5% of workforce
35. Motional: 5% of workforce
36. Mozilla: 5% of workforce
37. Vacasa: 5% of workforce
38. CISCO: 5% of workforce
39. UPS: 2% of workforce
40. Nike: 2% of workforce
41. Blackrock: 3% of workforce
42. Paramount: 3% of workforce
43. Citigroup: 20,000 employees
44. ThyssenKrupp: 5,000 employees
45. Best Buy: 3,500 employees
46. Barry Callebaut: 2,500 employees
47. Outback Steakhouse: 1,000
48. Northrop Grumman: 1,000 employees
49. Pixar: 1,300 employees
50. Perrigo: 500 employees
But, according to the government-supplied data...
The number of American filing for jobless benefits for the first time last week dropped to 210k (vs 213k exp and 212k prior) with the NSA number tumbling to 190k (lowest since October)...
Source: Bloomberg
Jobless claims continue to blow it out of the ballpark... until you realize that it's the most "credible" of states that are behind the blowout numbers: last week, NY, this week CA pic.twitter.com/eU0An6zdgI
— zerohedge (@zerohedge) March 21, 2024
Continuing Claims saw another downward revision for last week. That is the 20th straight weekly downward revision of continuing claims...
Source: Bloomberg
But thanks to the adjustments, it all looks 'normal' and 'stable' at around 1.8 million Americans...
Source: Bloomberg
And WARN numbers are rising rapidly...
Source: Bloomberg
As a reminder, if you doubt the accuracy of the Biden admin's data, here's what the most recent FOMC Minutes said:
"While the recent trends prior to the meeting had been remarkably positive, Fed officials judged that some of the recent improvement “reflected idiosyncratic movements in a few series.”
Even they aren't buying it, and neither should you!