WEEKLY WEAKNESS

Unemployment claims came in at 248K for the week of 6/7, tied for the highest level in eight months. The four-week moving average of 240K is at the highest level since 8/23. As for continuing claims, they’re also rising. For the week of 5/31 they’re at 1.956 million, a big jump from 1.902 million a week earlier, and are at their highest level since 11/13/21. Back then, rates near zero!