Ho hum, no change

Our weekly quest for signs of a recession in data on new weekly claims in California for unemployment insurance again produces no signs. Things are roughly where they were before the pandemic.

There are signs in other labor market data of a cooling off. But moving from a large labor shortage to a lesser one leaves us in pretty good territory for now.

As always, the latest claims data are at https://www.dol.gov/ui/data.pdf.