Jobless claims unexpectedly drop to lowest level in 5 months

The Fitz-Gerald Group principal Keith Fitz-Gerald and Sarge986 president Stephen Guilfoyle discuss the stock markets volatile reaction to the Fed's rate hike on 'The Claman Countdown.'unexpectedly dropped to a five-month low last week, a sign the labor market remains extremely tight despite the Federal Reserve's efforts to cool it down.

Continuing claims, or the number of Americans who are consecutively receiving unemployment aid, fell to 1.347 million, down by 29,000 from the previous week's revised level. One year ago, nearly 5.07 million Americans were receiving unemployment benefits. "Jobless claims came in at the lowest level since April — a sign that next week’s jobs report may indicate the labor market remains resilient," said Mike Loewengart, the head of model portfolio construction at Morgan Stanley Global Investment Office.

Lots of 'unexpected' economic reports of late. Most don't jibe with other reports. Somebody juggling data before the midterms?

Thanks President Biden for the strong economy! What recession?

These things are always characterized as being “unexpected.”

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