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October 7, 2021 By Peter Boockvar

Claims data

Initial jobless claims totaled 326k, 22k less than expected and follows two weeks where we saw above expectation prints. Last week was revised up by 2k to 364k. Smoothing this all out puts the 4 week average at 344k vs 341k last week as a print of 312k drops out. Continuing claims, delayed by a week, and now capturing any behavioral changes with back to school and the end of bonus unemployment benefits, fell to 2.71mm from 2.81mm in the week prior and that is 50k less than expected. This does match the lowest since Covid ramped up the count. Lastly, we know the pandemic assistance has ended so the numbers seen are just legacy related processing.

I’m going to steal my bottom line from my bottom line last Thursday: many businesses can’t find enough workers to fill spots as we know but others in response because of lower business, like in the auto sector, have to cut back on workers in order to cut costs or need to close factories due to a lack of parts. Some businesses too that are experiencing aggressive cost inflation have slowed hiring to protect margins. I think these are reasons why we haven’t yet seen a 2 handle in initial jobless claims as we did pre Covid.

One more thing, in September continuing claims have fallen by 138k in light of the benefit related changes and back to school hopefully easing parental child care needs.

INITIAL CLAIMS

CONTINUING CLAIMS

Filed Under: Uncategorized

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Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor. Each day The Boock Report provides summaries and commentary on the macro data and news that matter, with analysis of what it all means and how it fits together.

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Disclaimer - Peter Boockvar is an independent economist and market strategist. The Boock Report is independently produced by Peter Boockvar. Peter Boockvar is also the Chief Investment Officer of Bleakley Financial Group, LLC a Registered Investment Adviser. The Boock Report and Bleakley Financial Group, LLC are separate entities. Content contained in The Boock Report newsletters should not be construed as investment advice offered by Bleakley Financial Group, LLC or Peter Boockvar. This market commentary is for informational purposes only and is not meant to constitute a recommendation of any particular investment, security, portfolio of securities, transaction or investment strategy. The views expressed in this commentary should not be taken as advice to buy, sell or hold any security. To the extent any of the content published as part of this commentary may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. No chart, graph, or other figure provided should be used to determine which securities to buy or sell. Consult your advisor about what is best for you.

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