HIRING HALT

Cracks are beginning to appear in the heretofore strong labor market. Initial jobless claims have been steadily rising since the start of the year, and for the week of 5/24/25 were 240,000, the third highest level since 10/12/24. Much more worryingly, however, are continuing claims. They too have been steadily rising since 1/1/25, and are now at 1.919 million, the highest level since 11/13/21. Few get fired, fewer get hired.