Jobless Claims: Further Correction

Bottom Line:  Claims were sharply lower than previously reported, with the State of Massachusetts reporting sharply lower claims and revising previous weeks' data lower amid a wave of fraudulent claims in the last several weeks. Claims still remain modestly higher than levels seen throughout 2022, suggesting a very slow slackening in a historically very tight labor market. Continuing claims have also started to lose upward momentum, furthering the notion that the slackening will be very slow.Initial Jobless Claims ROSE 4k in the week ended May 20th to 229k, BELOW the 4-week average of 231.75k, BELOW the 13-week average of 235.30769k but 14k ABOVE the year-ago level. Non-seasonally adjusted Claims were nearly unchanged.

Continuing Claims FELL -5k in the week ended May 13th to 1.794M, BELOW the 4-week average of 1.80025M, BELOW the 13-week average of 1.801846M but 362k ABOVE the year-ago level.