Construction Industry Suffers Largest Layoffs 'Since Lehman' As Initial Jobless Claims Disappoint (Again)
Following a weaker than expected AP print, jobless claims data is worse than expected too.
Initial claims rose to 238k last week from a revised 234k (and above the 235k expected). On an NSA basis, this is the highest since January...
Source: Bloomberg
Continuing claims continue to rise also, hitting 1.858 million Americans last week - the highest since Dec 2021...
Source: Bloomberg
The trend (4-week moving average) in initial claims is clear... and is starting to catch up to WARNs and Job Cuts...
Source: Bloomberg
Finally, according to (non-government-provided) Challenger-Grey data, the construction industry just suffered its largest layoffs since Lehman...
Source: Bloomberg
That can't be good, right?
Have Powell and Biden suddenly decided its ok to admit reality in order to force a July rate-cut and save the election?
