FX Guys

Jobless Claims Hit 221K, But Insured Unemployment Rise Sparks Concern

State-level data reveals mixed labor market conditions. The most significant increases in initial claims were reported in Massachusetts (+3,808), Rhode Island (+2,081), and Illinois (+1,539), primarily due to layoffs in education, transportation, construction, and manufacturing. Conversely, Kentucky (-3,074), California (-2,657), and Tennessee (-2,550) saw the largest decreases, though no specific reasons were cited. The highest insured unemployment rates were observed in New Jersey (2.9%), Rhode Island (2.9%), and Minnesota (2.6%), indicating localized labor pressures.

Federal and Veteran Claims See Mixed Movements

Claims from former federal employees saw a sharp rise, reaching 1,634, an increase of 1,020 from the previous week, potentially reflecting government-related job shifts. However, newly discharged veterans filing…
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