Another sign of the slowdown in hiring/Other stats

While initial jobless claims remained subdued at 218k as expected, the big story was the jump in continuing claims to 1.927mm, well above the estimate of 1.865mm, up from 1.841mm in the week before and is now at the highest level since November 2021 for the week ended 11/18. The 4 week average for initial claims was little changed at 220k.

Bottom line, the evidence continues to build that the pace of hiring is decelerating. We’re seeing it here, also with the latest BLS and ADP report, and the S&P Global US PMI employment component where the services side fell below 50 for the first time since 2020.