Jobless claims defied economists’ predictions as claims rose for the week, according to the Department of Labor’s weekly survey…(DOL)
- Seasonally adjusted initial claims were 235,000 for the week ending July 2nd, an increase of 4,000 from the prior week.
- Continuing claims increased to a seasonally adjusted level of 1.375M for the week ending June 25th, an increase of 51,000 from the prior week.
SWING & A MISS: Economists had projected a slight drop to 230k initial claims and a smaller increase of continuing claims to 1.327M
The week-over-week increase was thanks to a 5,340 increase in claims in New York followed by Michigan (+4,770) and California (+3,990).
- On the flip side, Illinois saw the biggest drop with 1,533 fewer claims followed by Ohio (-1,142) and Missouri (-1,069).
Speaking of jobs, in a bizarre change of events ADP did not release their monthly private payroll numbers Thursday morning. Why?
I agree, let the conspiracy theories begin!