More data is fitting in with what our models are predicting. The latest data today (the 13th June 2024) shows the number of Americans filing for unemployment benefits has risen to the highest level in a 10-month window, suggesting that the labor market might be feeling the strain of elevated interest rates and is in general, slowing down.
For the week ending June 8, jobless claims rose by 13,000 to 242,000, up from the previous week's 229,000, according to the Labor Department on Thursday. This figure exceeded analysts' expectations of 225,000 new claims and marked the highest level since August 2023.
The four-week moving average of claims, which smooths out some of the weekly fluctuations, increased to 227,000, up by 4,75 ...
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