Claims data/Core capital spending flat lining

Initial jobless claims totaled 230k, 10k less than expected and down from 240k last week and vs 250k in the week before. The 4 week average is now 237k vs 235k last week as a 221k print falls out. Continuing claims fell 9k after last week’s rise of 27k and holding above 1.7mm.

Bottom line, the rate of firing’s has been stair stepping higher since last September as employers have been dealing with the tug of war of being reluctant to let go those that were so tough to find over the past few years where others, such as those in IT, continue to selectively prune in the face of the ‘challenging macro environment’ that we heard countless times in Q2 earnings calls.

4 Week Avg in Initial Claims

Continuing Claims