DOGE Impact Remains Muted As National Jobless Claims Tumble
Following the initial surge in jobless claims in the DC area to start the year, things have slowed notably in the last two weeks (although last week saw a modest rise in the number of people filing for first time benefits)…
Source: Bloomberg
Overall, initial claims fell last week – with non-seasonally-adjusted claims now at their lowest since November
Source: Bloomberg
Meanwhile what the fuck is going on with NY jobless claims data?
Last week claims exploded higher in NY…
And this week they collapsed…
Continuing jobless claims remain range-bound for the last six months around the 1.875mm Americans level…
Source: Bloomberg
We wonder if the discrepancy between DOGE-driven layoffs and the lack of signal in the claims data is related to the buyouts offered to federal workers – which may preclude them from applying for unemployment benefits.
Tyler Durden
Thu, 03/13/2025 – 09:30