Continuing Jobless Claims Surge To 2 Year Highs

After last week's surge in NSA initial claims, this week saw that completely erased as SA initial claims edge higher...

Source: Bloomberg

The NSA drop was driven by a plunge in CA claims...

...which reversed the prior week's huge jump in NSA claims in CA...

WTF!?

But, continuing claims jumped back above 1.9mm (1.926mm to be exact) for the first time since Nov 2021...

Source: Bloomberg

While SA continuing claims jumped, NSA claims plunged (completely decoupled from one another)...

WTF!?

Goldman believes that seasonal distortions more than explain the 269k increase in continuing claims since early September, and expect those distortions to boost the level of continuing claims by an additional 125k by March.

We're gonna need more seasonal adjustments.