After an ugly JOLTS print and disappointing ADP report, the headline jobless claims data comes to the rescue of the ‘goldilocks’ narrative.Initial claims (SA) were flat at 220k (but on a NSA basis surged)…Driven by a plunge in California…Continuing claims (SA) tumbled back below 1.9mm (but on a NSA basis surged)…But, but, but, it’s seasonals we hear you cry.True…But… for both initial claims and continuing claims, last week’s surge is ‘early’ and large…In another sign of a cooling labor market, the executive coaching firm Challenger, Gray & Christmas Inc. said US-based employers announced 45,510 job cuts in November, which was lower than the same month a year ago but a 24% increase from October. Seasonal hiring is also at its lowest level for this point in the year in a decade, according to a separate report.
“The job market is loosening, and employers are not as quick to hire,” Senior Vice President Andrew Challenger said in a statement.
“The labor market appears to be stabilizing with a more normal churn, though we expect to continue to see layoffs going into the new year.”
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