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Labor Market Cracking: Jobless Claims Rise To 3 Month High

Two weeks after we learned that in Q1, US GDP had “shockingly” contracted, just one pillar was left holding up the “strong” US economy, the same economy that the Fed’s record tightening cycle is hoping to push into recession: the labor market. However, that too has now turned, and one week after a big ADP private payrolls miss, after the ISM manufacturing employment index printed just shy of contraction where the ISM Services employment index already is, and after the first positive print in the Challenger job cuts index since Jan 2021…

Canary? ⁦@ChallengerGray⁩ job cuts go positive for first time since January 2021, +6% y/y vs. -30.1% in prior month; per Andrew Challenger, “job cut plans appear to be on the rise, particularly as companies assess market conditions, inflationary risks, and capital spending” pic.twitter.com/ABCJrkZZQw

— Liz Ann Sonders (@LizAnnSonders) May 5, 2022

… it now appears that even though the official

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