FAST FIVE: Powell's Plan Is Not Working – Initial Jobless Claims Plunge To 5-Month Lows
Powell's Plan Is Not Working – Initial Jobless Claims Plunge To 5-Month Lows Well this is not going to help fight inflation.
The number of Americans filing for jobless benefits for the first time dropped back below 200k last week (193k) – the lowest number since April.
Continuing Claims also fell to its lowest in 3 months.
Fed Chair Powell will not be happy that his cunning plan to fight inflation by easing the tightness in the labor market – by raising rates and crushing the economy – does not seem to be working.