The Un-Adjusted Jobless Claims Plunged Lowest Since Oct 2022

US jobless claims declined to 230k last week, a small improvement from the previous 240k. However, underlying data revealed concerning trends. Hawaii experienced a spike in initial claims due to the Maui fire, and issues with potentially fraudulent filings persist in Ohio. Even after accounting for these anomalies, initial claims remained consistent with January levels. Continuing claims hover slightly above 1.7 million, yet seasonal distortions could further depress this figure in the upcoming months. Despite these figures, the labor market remains incongruent with The Fed’s policy shifts.