Initial claims continue to rise along with gas prices
“Initial claims continue to rise along with gas prices“
– by New Deal democrat
Last week I wrote that initial jobless claims may have ended their recent downtrend. This week appears to have confirmed that.
Initial claims rose 9,000 to 228,000, and the 4 week average rose 5,000 to 211,500. Continuing claims, which lag somewhat, increased 3,000 to 1,368,000:
With OPEC deliberately cutting back production in order to cause a shortage in Europe and the US this winter (to aid Russia, and also the GOP in the midterm elections), gas prices will likely continue to rise. I would expect jobless claims to continue rise as well. Whether this is the final rise before a recession signal is impossible to know just yet.
“Jobless claims rise, gas price low is probably ending,” New Deal democrat – Angry Bear