High-Frequency Post-Virus Recovery - 2024-06-12
Date:
Thursday, June 13, 2024
Summary:
New claims rise to the highest level in 44 weeks -- still a low number, but directionally not a good thing. Continuing claims rise, but insignificantly -- so the claims-implied unemployment rate moves up only 6 bp to a ridiculously low 1.36%. In other news, the Producer Price Index more than confirms yesterday's great CPI news -- a dovish beat, and a big one, showing outright PPI deflation in May. We've updated yesterday's "Data Insights: CPI/PPI" for the new news (see the last two pages).