Just 213,000 Americans filed for first-time jobless benefits last week – the lowest number since April – as natural disasters’ effects fade from the data…

Source: Bloomberg

The overhang from the hurricanes has seemingly ended…

Source: Bloomberg

But WTF is going on in California?

Last week saw initial claims explode higher there..

…and this week claims collapsed…

However, the number of Americans filing for continuing jobless claims jumped back above 1.9 million for the first time since November 2021…

Source: Bloomberg

Totally normal…

Source: Bloomberg

So is the labor market in trouble or not?